How do nearby businesses with similar products usually compete?
a. offering deals and low prices**
b. changing to different product types
c. lowering the level of service to save costs
d. establishing a minimum price for everyone to use
Whar is a positive effect of competiton?
a. increased value for consumers**
b. increased wages for workers
c. increased profits for producers
d. increased incentives for investors
How has the dedication to a market economy changed the US goverment?
a. it led to the Bill of Rights
b. it led to support for workers' rights
c. it led to a belief in freedom of enterprise
d. i led to a preference for producers rights over cosumer right
What does greater competiton among sellers usually lead to?
a. lower prices and fewer choices for buyers
b. lowers prices and more choices for buyers**
c. higher prices and fewer choices for buyers
d. higher prices and more choices for buyers
What does greater competition among buyers usually lead to?
a. resources going to those who are willing and able to pay more
b. resources being more readily available to all who want them
c. companies making products unavailable
d. companies developing new non-price competition approaches
1.A
2.A
3.C
4.B
5.A
I agree with your answers.
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To answer these questions, let's break down the options one by one:
1. How do nearby businesses with similar products usually compete?
a. offering deals and low prices**
b. changing to different product types
c. lowering the level of service to save costs
d. establishing a minimum price for everyone to use
The correct answer is a. offering deals and low prices. Nearby businesses with similar products often compete by trying to attract customers through offering better deals and lower prices than their competitors.
2. What is a positive effect of competition?
a. increased value for consumers**
b. increased wages for workers
c. increased profits for producers
d. increased incentives for investors
The correct answer is a. increased value for consumers. Competition among businesses usually leads to better products, services, and lower prices, ultimately benefiting consumers.
3. How has the dedication to a market economy changed the US government?
a. it led to the Bill of Rights
b. it led to support for workers' rights
c. it led to a belief in freedom of enterprise**
d. it led to a preference for producers' rights over consumer rights
The correct answer is c. it led to a belief in freedom of enterprise. The dedication to a market economy in the US has shaped the government's perspective, emphasizing the importance of economic freedom, competition, and entrepreneurship.
4. What does greater competition among sellers usually lead to?
a. lower prices and fewer choices for buyers
b. lower prices and more choices for buyers**
c. higher prices and fewer choices for buyers
d. higher prices and more choices for buyers
The correct answer is b. lower prices and more choices for buyers. Greater competition among sellers typically leads to competitive pricing strategies and a wider range of options for buyers.
5. What does greater competition among buyers usually lead to?
a. resources going to those who are willing and able to pay more
b. resources being more readily available to all who want them**
c. companies making products unavailable
d. companies developing new non-price competition approaches
The correct answer is b. resources being more readily available to all who want them. Greater competition among buyers means that resources are generally more readily accessible to anyone who desires them, rather than being limited to only those who are willing and able to pay more.
Remember, these explanations demonstrate the general patterns and trends, but real-world situations can vary.