Final answer:
Richard Wolff would disagree with the idea that competition benefits the poor; instead, he would argue it aids the wealthy and exacerbates economic inequality by consolidating resources and power. The correct option is A.
Step-by-step explanation:
Richard Wolff, a well-known Marxist economist, would likely disagree with Shankar Singh's statement that competition benefits the poor. Wolff would argue that competition predominantly benefits the wealthy, leading to a consolidation of resources and power. This concentration of wealth often results in increased economic inequality, as the wealthy are able to leverage their existing capital to become more dominant in the marketplace.
For employees, while competition may sometimes lead to increased income for workers in successful businesses, it can also result in job loss or reduced wages as companies strive to cut costs.
In contrast to the view that competition unilaterally leads to positive outcomes, Wolff would likely focus on the systemic issues inherent in capitalist economies. He might point out how the drive for profit can result in negative consequences for the majority, such as growing unemployment and wage suppression to keep costs low, echoing Marx's critique of free-market economies.
Moreover, while competition can lead to lower prices and innovation, it may not necessarily address the unequal distribution of property and wealth which can persist despite market incentives for growth.