BUS_W1_PROBSET11.pdf - 59 Award 0.00 points According to...

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59. Award: 0.00 points According to Adam Smith, competition: mitigates growth. fosters efficiency. prevents low prices. increases demand. increases prices. According to Adam Smith, competition fosters efficiency and low prices by forcing producers to offer the best products at the most reasonable price; those who fail to do so are not able to stay in business. Thus, competition should improve the quality of the goods and services available or reduce prices.
60. Award: 0.00 points References Multiple Choice Difficulty: 1 Easy Learning Objective: 01-04 Describe the role of supply, demand, and competition in a free- enterprise system. When different businesses promote similar products that differ in some characteristics but satisfy the same consumer need, the competitive environment is most likely to be:

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