Question

What effect does the lack of competition in command economies have?

1.very high prices
2.very low prices
3.very high quality products
4.very low quality products

Answer 1

the lack of competition would make prices rise and if there's no competition there's no need to have good products

Answer 2

1. Typically you would have higher prices because if you don't have to compete with another person to sell more product you can have the price super high and as the only person selling you can sell for as much as you want