The dynamic process of competition
a. provides profit-seeking sellers with little incentive to heed consumer preferences.
b. was shown by Adam Smith to be a major source of economic inefficiency.
c. provides consumers with alternative suppliers and thus a mechanism with which they can discipline sellers.
d. will permit business decision makers to earn long-run economic profit unless they are regulated by government officials.
C
Economics
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Refer to Scenario 12.2. In this game, there is (are)
A) 4 Nash equilibria. B) 2 Nash equilibria. C) 1 Nash equilibrium. D) zero Nash equilibria.
Economics
Describe the situation of the Japanese economy in the 1990s. What should the Japanese government have done differently, according to critics, to improve the economy?
What will be an ideal response?
Economics