________ Increases Economic Efficiency Because It Forces Firms to Produce

question 83

Multiple Choice

________ increases economic efficiency because it forces firms to produce and sell goods and services as long as the additional benefit to consumers is greater than the additional cost of production.

• A)Competition
• B)Voluntary exchange
• C)Equity
• D)A centrally planned economy

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Definitions:

Manual System

A system where operations, transactions or processes are carried out without the use of automated or electronic systems, typically involving physical documentation and human intervention.

Internal Controls

Processes and procedures implemented by a company to safeguard its assets, ensure financial report accuracy, and promote operational efficiency.

Current Balances

The total amount present in an account at any given time, reflecting all transactions up to that point.

E-commerce

E-commerce refers to the buying and selling of goods or services using the internet, and the transfer of money and data to execute these transactions.