108k views
2 votes
Competition in a market system denotes a condition where A. the diffusion of economic power limits its potential abuse. B. any given product can be purchased at a wide range of prices. C. contractual agreements among individual firms are restricted and avoided. D. a few large, dominant sellers are constantly jostling for market share.

1 Answer

2 votes

Answer:

The answer is: A) the diffusion of economic power limits its potential abuse.

Step-by-step explanation:

Ina market system, producers will be willing to offer what consumers are willing to pay. That means that consumers are "kings" if competition exists in a market. Consumers should be able to choose what product suits them best and satisfies their needs. A large number of suppliers guarantees more consumer satisfaction.

Problems start when competition starts to vanish and monopolies appear.

User Arish Khan
by
8.1k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.