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What role does competition play in achieving efficiency in a perfectly competitive market? Question 23Answer a. Competition drives firms to minimize costs and produce efficiently
What role does competition play in achieving efficiency in a perfectly competitive market? Question 23Answer a. Competition drives firms to minimize costs and produce efficiently b. Competition leads to higher prices and profits c. Competition reduces efficiency by creating excess supply d. Competition doesn't impact efficiency in any way
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Macroeconomics Principles And Policy
Authors: William J. Baumol, Alan S. Blinder
11th Edition
0324586213, 978-0324586213
