Economic competition drives market efficiency from "summary" of The Making of Economic Society by Robert L. Heilbroner,William Milberg
The idea that economic competition is the force that propels markets toward efficiency is a fundamental concept in the study of economics. Competition among firms drives them to constantly seek ways to improve their products and services, reduce costs, and innovate. This drive for improvement is essential for ensuring that resources are allocated efficiently in an economy. When firms are competing with one another, they are motivated to offer better quality products at lower prices in order to attract customers. This benefits consumers by giving them more choices and better value for their money. In a competitive market, firms that are unable to keep up with the pace of innovation and efficiency are likely to be driven out of ...
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