1. Competition fosters efficiency because producers have to offer the best products at reasonable prices.
Antitrust laws
Economists use two sets of concepts to answer questions. First they apply efficiency concepts such as productive efficiency. Then they ask how perfect competition and monopoly affect the consumer.
Non Price Competition is where a company compete against it's competitors by providing an unique niche, higher quality of service or efficiency
antitrust laws -apex :)
Monopolistic competition is inefficient compared to perfect competition because firms in monopolistic competition have some degree of market power, allowing them to set prices higher than in perfect competition. This leads to higher prices for consumers and less efficient allocation of resources. Additionally, firms in monopolistic competition may engage in non-price competition, such as advertising, which can further reduce efficiency.
Stephen P. Foster has written: 'Ideal efficiency of propellers'
Competition
Antitrust laws
Economists use two sets of concepts to answer questions. First they apply efficiency concepts such as productive efficiency. Then they ask how perfect competition and monopoly affect the consumer.
resource asymmetries
resource asymmetries
Non Price Competition is where a company compete against it's competitors by providing an unique niche, higher quality of service or efficiency
Non Price Competition is where a company compete against it's competitors by providing an unique niche, higher quality of service or efficiency
antitrust laws -apex :)
The benefits of privatization are that there can be increased competition. This can lead to increased efficiency, and better prices for consumers.
Norman Foster is known for his modernist style that emphasizes clean lines, open spaces, and the innovative use of technology and materials. His designs often incorporate elements of sustainability and energy efficiency. Foster's buildings are characterized by their sleek and futuristic appearance.
The competition to make profit drives producers to eliminate waste.