WAEC - Economics (2018 - No. 4)
producers operating in a free market economy are more efficient as a resulf of?
the existence of competition
the very few number of participants
the commitment of the shareholders
government regulation of their activities
Εξήγηση
Competition leads to efficiency because businesses that have fewer costs are more competitive and make more money. Innovation is encouraged because it provides a competitive edge and increases the chance for wealth.