Which statement about competition is true

Question

Leonidas Sawyer

Social Studies

18 November, 18:50

Which statement about competition is true

+1

Answers (2)

Know the Answer?

Patch · Answer 1

Answer:More economic choices for the people

Antoine Guerra · Answer 2

Here are the full options for this question:

a. it results in more economic choices for consumers

b. it allows most businesses to make a profit

c. it creates artificially high prices for products and services

d. it slows down innovation in the marketplace?

The answer is: a. it results in more economic choices for consumers

Explanation:

When producers compete against one another in the market, they will most likely make efforts to make their products become more appealing for the consumers.

In order to do this, they will start to adding varieties to their product, such as creating new flavors for ice cream that are generally fancied a certain demographic, adding new features on their apps to cater to the needs of people with a certain type of job, creating new designs for clothes that compliment a certain body type, etc.

This will resulted in very wide variety of products available for the consumers in the market, hence creating more economic choices for them.