What forces business firms to be as efficient as possible so they can charge the lowest price? A. Property Rights B. Externalities C. Competition D. Capitalism Capitalism is based on: A. Command-and control Regulations B. Trust C. Market Failure D. Government Intervention
What forces business firms to be as efficient as possible so they can charge the lowest price?
A. Property Rights
B. Externalities
C. Competition
D. Capitalism
Capitalism is based on:
A. Command-and control Regulations
B. Trust
C. Market Failure
D. Government Intervention
In the given question we are provided with two multiple choice questions, please refer to the next few steps to find the answer backed with appropriate reasons.
Capitalism:
Many people imagine capitalism as an economic system where private individuals own and control property according to their interests and where supply and demand are allowed to freely decide the market price in a way that is most beneficial to society.
Profit-making is the primary driving force behind capitalism. We do not expect our dinner from the kindness of the butcher, the brewer, or the baker, but rather from their care for their own interest, as Adam Smith, the philosopher and founder of modern economics, observed.
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