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The importance of competition in the free market system is that it provides Freedom among consumers. For example if two businesses have a product and they both sell it at two different prices consumers will most likely go for the lowest price. This is because their free market economy produces pay attention to what consumers need and want and producers produce Goods accordingly
What else can I help you with?
How do you best describes the relationship between competition and a free-market economy?
The following statement best describes the relationship between competition and a free market system: Competition increases within a free market system.
What economic system allows competition?
The Free Market system is designed for competition.
Why competition is an important of a free market system?
Without competition, people wouldn't have a lot of choices
Why is competition an important part of a free-market system?
Without competition, people wouldn't have a lot of choices
Why is competition an important part of free market system?
Without competition, people wouldn't have a lot of choices
What best explains why competition is an important part of a free-market system?
C. Without competition, people wouldn't have a lot of choices.
The free market system cannot exist without government regulations for what?
The profit motive undermines competition unless competition is protected.
What best explained why competition is an important part of a free market system?
C. Without competition, people wouldn't have a lot of choices.
Free market system cannot exist without government regulations for what reason?
The profit motive undermines competition unless competition is protected.
What market structures can exist in a free market?
Oligopoly, Pure competition, Monopolistic competition
List the three fundamental principles of a free-market system?
private property, profit motive, competition
Which condition is a result of open competition in a free market system?
Higher quality goods
