________ 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:

Electromagnetic Energy

Energy that is reflected or emitted from objects through electrical or magnetic waves traveling through space.

Gamma Waves

Brain waves that are associated with perception, consciousness, and complex cognitive processing.

Radio Transmission Waves

Electromagnetic waves used in wireless communication systems to transmit information through the air without requiring a direct line of sight.

Weber's Law

A principle in psychology that states the change required to notice a difference between two stimuli is proportional to the original intensity of the stimulus.