InThe Meaning of Competition, economist Friedrich Hayek questioned an assumption of so-called perfect competitionthat all products are identical. He
This question has been answered
Question


InThe Meaning of Competition, economist Friedrich Hayek questioned an assumption of so-called perfect competition—that all products are identical. He wrote that the goal of all business people is to make their products differ from those of their competitors. How does this relate to Schumpeter's thoughts on the textbook emphasis of pushing price down to average cost?


Competition is about innovation.

Prices often stay above average cost.

Competition focuses on making the most out of opportunity costs.

Firms focus on constraining entry.

Answered by Expert Tutors

cing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odi

ce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesqu
Other answer

ongue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ip

ur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellent
Subject: Business, Economics
Get unstuck

425,243 students got unstuck by Course
Hero in the last week

step by step solutions

Our Expert Tutors provide step by step solutions to help you excel in your courses