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Card 47 / 100: Explain how competition protects consumers.
Answer:
If a firm is making a low-quality or high-priced product, a rival firm can capture market share by offering higher-quality and/or lowerpriced items. No business can force consumers to buy its products or services. Sample Partial Credit Answer Consumers can shop around.
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Dr.Robert MurphyAssociated Scholar
Mises Institute
USA
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Attribution:
Dr. Robert P. Murphy, Lessons for the Young Economist. (Mises Institute), http://mises.org/document/6215/Lessons-for-the-Young-Economist (Accessed 04 April, 2014). License: Creative Commons BY
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