Final answer:
The claim that proprietors in a proprietary colony had no responsibilities other than to collect profits is false. They were responsible for governance and overseeing the colony's welfare. Similarly, while construction companies bid for profit, competition in the market can affect their ability to maintain profitability.
Step-by-step explanation:
Responsibilities of Proprietors in a Proprietary Colony
In proprietary colonies, the statement that proprietors have no responsibilities except to collect the profits is false. Proprietors were granted land by the British crown and had the right to govern and oversee the colony. They had numerous responsibilities, including creating laws, maintaining order, defending the colony, and managing relations with Indigenous peoples and other colonies. Their role was not limited to mere profit collection; they had to ensure the colony's survival and prosperity, which was a complex task with many responsibilities.
In the context of a competitive market, all businesses, including construction companies, bid for work with the intention of making a profit. However, competition with firms offering better or cheaper products can reduce a business's profits or even drive it out of business. This competition benefits consumers with better or less expensive products and can result in increased profits and income for the successful businesses and their employees. On balance, such competition can be beneficial for the nation's economy as a whole.