which economic practice helps to keep prices low and keep good quality?
Combination**
Consolidation
Competition
Overproduction
NO. Absolutely wrong.
Thanks Ms. Sue
That wasn’t the real Ms. Sue.
Think again.
If combination isn't the answer, would it be competition? If there are 2 or more markets or business' that are competing with each other, wouldn't that cause the prices to be lower and for the products to be more high quality to attract more customers? I apologize if I am wrong, but that is what I think it is. It makes more sense to me than combination, let alone any of the other answer choices.
The economic practice that helps to keep prices low and maintain good quality is competition.
Competition refers to the rivalry between different sellers and producers in the market. When there are multiple companies or individuals competing with each other to sell their products or services, it creates an incentive to offer better quality and lower prices in order to attract customers and gain market share.
Competition also leads to efficiency and innovation. In order to stay competitive, businesses need to constantly improve their products, streamline their operations, and find ways to reduce costs. This can result in better quality products at lower prices.
To ensure healthy competition, governments often have regulations in place to prevent anti-competitive behavior such as monopolies or collusions. These regulations aim to promote fair competition and protect consumers from unfair pricing practices.
So, when consumers have multiple choices and there is healthy competition among sellers and producers, it helps in keeping prices low and maintaining good quality.