Microeconomics: Principles, Problems, & Policies, 20th Edition

Published by McGraw-Hill Education
ISBN 10: 0077660811
ISBN 13: 978-0-07766-081-9

Chapter 11 - Pure Competition in the Long Run - Discussion Questions: 4

Answer

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Work Step by Step

Competitive firms will strive for efficiency, for efficiency allows them to both beat their competitors and allows them to maximize profits. This is one of the reasons that businesses, which are competitive, are generally more efficient than the government, which is not competitive.
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