0
How does competition among producers increase the variety of goods while lowering their prices?
Wiki User
∙ 12y ago
When producers compete with each other, they are fighting for a position to sell to consumers. All the producers must find a way to make people buy their goods, so they will all lower their prices strategically to sell to more consumers.
There is good evidence of this at gas stations that are near each other. Because of the competition between gas stations, prices are lowered to satisfy the buyer.
Competition between businesses often leads to innovation, which makes for greater efficiency, while creating a variety of types of this one product or service.
In the car industry, this is very common. Car dealers fight to sell to certain kinds of people, so they lower their prices to get more deals with their customers. They also bring a larger variety of products or services to please the customer.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
What is NAFTA and how it has benefited the economies of Mexico and the US?
NAFTA stands for "North American Free Trade Agreement". It is an international treaty including Canada, the United States and Mexico with its objective being lowering import/export tariffs among a wide variety of products. It has benefited all three countries by allowing greater economic integration.
Which of the following is not a condition for perfect competition?
Sellers offer a wide variety of products
Disadvantages of perfect competition?
variety is limited since ferms produces similer products
Competition benefits consumers by insuring what?
Competition benefits consumers by ensuring a variety of products and services to choose from at a fair price. Competitors will often run sales or specials on their goods, which leads to savings for the consumer.
List 3 advantages of the mixed economy?
There is a variety of goods and sevices that the consumer could choose from. There normally is not monopoly. Competition keeps the prices low.
What is NAFTA and how it has benefited the economies of Mexico and the US?
NAFTA stands for "North American Free Trade Agreement". It is an international treaty including Canada, the United States and Mexico with its objective being lowering import/export tariffs among a wide variety of products. It has benefited all three countries by allowing greater economic integration.
Are bacteria a consumer?
Bacteria are a wide variety of organisms that include producers, consumers, and decomposers.
Which of the following is not a condition for perfect competition?
Sellers offer a wide variety of products
Based on the theory of evolution of a population possesses a large amount of genetic variety what level of variety can be expected in the future for that same population?
The population will increase in variety over time.
Are bacteria a third consumer?
Bacteria are a wide variety of organisms that include producers, consumers, and decomposers.
Disadvantages of perfect competition?
variety is limited since ferms produces similer products
What is a way to increase sentence variety?
dependent clauses
Who makes te kirkland signature brand for costoc?
Kirkland branded items are made by a variety of producers. The producers vary depending on the product and are often the same companies which supply national brands.
What is an example of a desert producer?
There are a variety of grasses, shrubs and trees, annuals and perennials as well as succulents that are producers in the desert.
Why is marine biodiversity higher near the coasts than in open sea?
There is a greater variety of producers, habitats, and nursery areas.
What kind of producers do jellyfish eat?
Jellyfish eat a large variety of things including small plants, copepods, fish larvae, fish eggs, plankton eggs and even other jellyfish. Several of these are producers.
What precautions do we need to take to overcome recession?
Increase the variety of your services
