Producers operating in a free market economy are more eff...
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
Correct answer is A
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.
Economic development is defined as ...
Which of the following is NOT a factor determining supply? ...
Which of the following defines Economics most comprehensively? ...
Devaluation of the naira as a condition for the international Monetary Fund 'loan' is consid...
Import substitution industrialization refers to ...
The allocation of goods and services in a free market economy is performed by ...
The satisfaction derived from the consumption of a commodity is referred to as ...
Petroleum is the mainstay of the Nigerian economy because it is the ...