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Competition decreases the risks of monopolies and oligopolies from forming. When there's competition, there are more firms that are producing goods/services, so an individual firm can't pick whatever price they want. They must consider what their competitors will charge. Also, some firms may want to supply a small quantity at high prices. Competition forces firms to produce more at a lower price.
Wiki User
∙ 13y ago
Wiki User
∙ 11y agoThat's what I'm asking. : D
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Are there homogeneous products in an oligopoly?
Homogeneous products are in a monopoly, oligopoly, monopolistic, monopoly and pure competition according to economics. for the purpose of analysis.
The highest form of competition in economics called?
perfect competition
What is the government's role in laissez faire economics?
to help maintain competition
What use is the concept of perfect competition in business economics?
circular flow
Features of managerial economics?
There are several features of managerial economics. They include assessing the market competition, following a pricing strategy, and following legal regulations.
Are there homogeneous products in an oligopoly?
Homogeneous products are in a monopoly, oligopoly, monopolistic, monopoly and pure competition according to economics. for the purpose of analysis.
The highest form of competition in economics called?
perfect competition
Who has the exercise about fundation year economics such as the theory of the perfect competition and economics of the firm?
die
What has the author Frank H Knight written?
Frank H. Knight has written: 'The economic order and religion' -- subject(s): Christianity and economics 'The ethics of competition, and other essays' -- subject(s): Competition, Economics, Value 'Risk, uncertainty and profit' -- subject(s): Profit, Risk 'The ethics of competition' -- subject(s): Economics, Competition, Value 'On the history and method of economics' -- subject(s): Economics, Methodology, History 'Intelligence and democratic action'
Explain the term global competition?
"The definition of Economics is 'The Management of the Scarcity of Resources'." Competition for scarce resources - including Air, Water, Food and Shelter - is going to press Economics into a tither.
What has the author F Machlup written?
F. Machlup has written: 'International monetary economics' 'The economics of sellers' competition'
What is the government's role in laissez faire economics?
to help maintain competition
What use is the concept of perfect competition in business economics?
circular flow
What were the motivating forces for the European exploration?
Economics, Religion, Competition, and Belief
Features of managerial economics?
There are several features of managerial economics. They include assessing the market competition, following a pricing strategy, and following legal regulations.
What has the author Tsunemasa Kawaguchi written?
Tsunemasa Kawaguchi has written: 'A spatial equilibrium model for imperfectly competitive milk markets' -- subject(s): Competition, Imperfect, Equilibrium (Economics), Imperfect Competition, Mathematical models, Milk trade, Space in economics
What does competition in economics involve?
Competition in economics is when sellers take different measures to achieve goals. The goal is usually profit, market share, sales volume, to supply or acquire economic service or good. Healthy rivalry helps in economic growth.
