Competition Encourages Companies to Operate Efficiently and Responsively

question 114

True/False

Competition encourages companies to operate efficiently and responsively. The government does its part to stimulate fair competition by creating regulations to protect consumers and workers.

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Definitions:

Civic Authorities

Government or municipal bodies responsible for managing local affairs, services, and regulations within a community or city.

Long-run Supply Function

A relationship showing the quantity of goods that will be supplied over a longer period when all inputs can be varied.

Rental Apartments

Housing units that are available for rent, typically within a larger building or complex, offering living accommodation to tenants.

Equilibrium Price

The price at which the quantity of a good or service supplied equals the quantity demanded, resulting in market balance.