Economics: Private and Public Choice
16th Edition
ISBN: 9781337642224
Author: James D. Gwartney; Richard L. Stroup; Russell S. Sobel
Publisher: Cengage Learning US
expand_more
expand_more
format_list_bulleted
Question
Chapter 16, Problem 5CQ
To determine
Describe whether competition is important for the efficient use of resources.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
why do firms exist to produce and sell as much as possible?
Why do economists believe that economic profit is the more accurate measure of a business success? Why is economic profit the superior method of determining a business success?
How do firms or business in a competitive market decide what prices are and how does the economy look like? What if they are all selling the same product?
Chapter 16 Solutions
Economics: Private and Public Choice
Knowledge Booster
Similar questions
- How does competition affect prices in a market system? How does it affect supply(what producers provide) and demand (what consumers want)?arrow_forwardIn economics, an organization that produces a good or service is called a company. firm. business. All of the above are correct.arrow_forwardwhat is economic firms market ?arrow_forward
- How do markets operate to bring product into existence? How does that relationship affect supply and demand for the various markets involved? In what ways has the change in supply and demand affected the market? What enabled the many participants in the production of this product to cooperate, and how has this affected the production of the product?arrow_forwardWhy can't firms enter the market in the short-run?arrow_forwardWhy are production and competitiveness important in today's economies?arrow_forward
- 1. Why do firms exist in a market economy?arrow_forwardGive an example in the marketplace that describes the principles of the free market (perfect competition) and competition.arrow_forwardBusiness markets have several characteristics that contrast sharply with those of consumer markets. Name and briefly characterize five of those contrasts.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Macroeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506756Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...EconomicsISBN:9781305506725Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Microeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506893Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Macroeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...
Economics
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Microeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning