Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter34: Globalization And Protectionism
Section: Chapter Questions
Problem 19SCQ: What are the gains from competition?
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Question
Define competition
Expert Solution
Step 1
The competition refers to a situation where two or more agents which can include people or organization in the economy compete against others to do better than its rival in order to achieve their common goals.
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