Question

What is the role of competition and efficiency in the economy​

Answer 1

Answer:

Low barriers to entry – the entry of new firms provides competition and ensures prices are kept low in the long run. ... Economic efficiency – competition will ensure that firms move towards productive efficiency.

Answer 2

Answer:

Low barriers to entry – the entry of new firms provides competition and ensures prices are kept low in the long run. ... Economic efficiency – competition will ensure that firms move towards productive efficiency