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Bad White [126]
3 years ago
13

Which of the following best explains why competition is an important part of a free-market system?

History
2 answers:
Sergio [31]3 years ago
6 0

Answer: Without competition, people would not have a lot of choices.

In economics, a free market is a system in which the prices for goods and services are determined by the producers and consumers, in which the laws of supply and demand are free from any intervention by a government or other authority.

In a free market, a choice on what products are produced, how, when and where they are made, its target market and at what price are all based on supply and demand.

<span>Supply and demand create competition which in turn gives people a lot of choices, better quality at a lower price. </span>

stepladder [879]3 years ago
4 0

Answer: Without competition, people would not have a lot of choices.

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