0
How does competition among producers increase the variety of goods while lowering their prices?
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.
What else can I help you with?
Who likes a purely competitive market more consumers or producers why?
Consumers generally prefer a purely competitive market because it leads to lower prices and a wider variety of choices. In such markets, many producers compete to attract buyers, which tends to drive prices down to the level of production costs. This competition also encourages innovation and quality improvements, benefiting consumers further. On the other hand, producers may dislike pure competition as it limits their pricing power and profit margins.
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 best explains the profit motive pushes producers to do?
The profit motive drives producers to maximize efficiency and innovation by seeking ways to reduce costs and improve products or services. This competitive pursuit encourages them to respond to consumer demands and preferences, leading to better quality and variety in the marketplace. Ultimately, it fosters economic growth as producers strive to capture larger market shares and increase their profits.
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
If the number of producers increase what would happen to the consumers?
If the number of producers increases, it could lead to more choices and competition in the market for consumers. This may result in lower prices, better quality products, and improved customer service as producers compete for consumer attention. Consumers may benefit from increased variety and potentially lower prices.
Who likes a purely competitive market more consumers or producers why?
Consumers generally prefer a purely competitive market because it leads to lower prices and a wider variety of choices. In such markets, many producers compete to attract buyers, which tends to drive prices down to the level of production costs. This competition also encourages innovation and quality improvements, benefiting consumers further. On the other hand, producers may dislike pure competition as it limits their pricing power and profit margins.
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
Are bacteria a third consumer?
Bacteria are a wide variety of organisms that include producers, consumers, and decomposers.
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.
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.
How does competition among firms benefit consumers and regulate the market?
Competition among firms benefits consumers by driving innovation, improving product quality, and lowering prices as companies strive to attract customers. This rivalry encourages businesses to differentiate their offerings and enhance customer service, leading to a wider variety of choices for consumers. Additionally, competition acts as a regulatory force in the market, as inefficient firms may be forced to exit, ensuring that only the most effective and customer-focused businesses thrive. Overall, this dynamic fosters a more efficient and responsive market environment.
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.
