Question

In a market economy, firms are free to decide what goods they will produce, and they compete with one another for business. How might competition increase the standard of living for the consumers living among a market economy?

A. Competition will increase profits and revenue for businesses.

B. Competition will keep prices low and increase the quality of goods.

C. Competition will guarantee there are never surpluses or shortages.

D. Competition ensures consumers will be satisfied with the goods they purchase.

Answer 1

Competition will keep prices low and increase the quality of goods.

Step-by-step explanation:

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Answer 2

Step-by-step explanation:

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