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grigory [225]
3 years ago
14

How are profits and competition important to market economy?

Social Studies
1 answer:
zloy xaker [14]3 years ago
7 0

Answer: When firms compete with each other, consumers get the best possible prices, quantity, and quality of goods and services. Competition can lead companies to invent lower-cost manufacturing processes, which can increase their profits and help them compete and then, pass those savings on to the consumer.

Explanation:

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