Which economic practice helps motivate companies to keep prices low and improve product quality
I personally didn't find the answers anywhere so I'm just gonna post them for those of you who also need them. 😅
1. B. Ghost towns were left behind after the mines stopped producing.
2. A. Passing along traditions and knowledge.
3. D. To encourage native Americans to become farmers.
4. D. It opened up national markets for selling and obtaining resources and helped lower costs of production.
5. B. Increased development of western lands.
6. A. Currency reform
7. B. Gospel of wealth
8. C. Competition
9. C. Lack of public and legal support for union activities.
Alright my friends that's all the answers I can provide you have a good day bye!
W man random human being
The economic practice that helps motivate companies to keep prices low and improve product quality is competition. Competition occurs when multiple companies are vying for customers in the same market. Here's how it works:
1. Competitive Market: In a competitive market, there are several firms offering similar products or services, giving customers a range of choices. For example, think of the smartphone market with multiple companies like Apple, Samsung, and Google competing against each other.
2. Price Pressure: When there is healthy competition, companies are compelled to keep their prices low. If one company raises its prices significantly, customers have the option to switch to a competing company offering similar products at a lower price. Thus, to attract customers and gain an edge over competitors, companies must offer competitive pricing.
3. Quality Improvement: Companies also strive to improve their product quality to gain a competitive advantage. When customers have the option to choose from multiple providers, they tend to prefer companies offering higher quality products. Therefore, to attract and retain customers, companies continuously invest in research, development, and innovation to enhance their products' quality and features.
4. Customer Satisfaction: Competition creates a customer-centric environment where companies need to focus on meeting customers' needs and preferences. By listening to customer feedback and adapting accordingly, companies aim to deliver better products and services. This leads to increased customer satisfaction and loyalty.
5. Market Dynamics: In a competitive market, companies constantly monitor their competitors' activities to stay ahead. They analyze competitors' pricing strategies, product innovations, and marketing techniques. This constant market assessment helps companies remain competitive, ensuring prices stay low and quality remains high.
In summary, competition plays a vital role in motivating companies to keep prices low and improve product quality. By creating a customer-centric environment, competition encourages companies to understand and fulfill customer needs, resulting in better products and competitive pricing.