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 - Page 252: 5

Answer

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Work Step by Step

As a result of competition, businesses will desire to pioneer ways to decrease prices and to increase efficiency. After all, by doing these two things, firms can earn more profit than their competitors and can charge lower prices, giving them an advantage.
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