Economics
WAEC 2018
producers operating in a free market economy are more efficient as a resulf of?
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A.
the existence of competition
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B.
the very few number of participants
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C.
the commitment of the shareholders
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D.
government regulation of their activities
Correct Answer: Option A
Explanation
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.
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