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Economics Homework Seven - Model (view source)
Revision as of 03:52, November 1, 2009
, 03:52, November 1, 2009added one
8. Define the term "competition" in a new way by using another powerful term developed in this course.
8. Define the term "competition" in a new way by using another powerful term developed in this course.
:Competition is really just an avenue for substitution, in that consumers will choose the other product based on the lower price. And the price was driven down by the competition betwen two companies to make the sale. (Will)
:Competition is a means of reaching greater efficiency among participants in the free market. (Addison)
:Competition is a means of reaching greater efficiency among participants in the free market. (Addison)