A key factor in determining market performance is how efficiently a firm uses available resources. This efficiency will determine if a firm can survive in a particular market where competition exists. In an ideal situation, perfect competition occurs when new firms are allowed to join a market and have equal access and acquisition cost of resources. Therefore with competition in place, firms will be forced to be more efficient in its production of goods/services. …
showed first 75 words of 1240 total

showed last 75 words of 1240 total
…slow the progress of the government hindering their movements of market domination. Having stating all my points I believe competition can lead to a more efficient use of resources. References Title: Economics Edition 2 Author: Sloman and Norris Publisher: Pearson Education Australia Date of Publish: 2002 Title: Exploring Macroeconomics Edth 5 Author: Greg Parry, Steven Kemp Publisher: Tactic Publisher Date of publish: 2000 Title: Economics for business Author: Ian Fraser, John Gionea, Simon Fraser Publisher: Mcgraw-Hill Date of Published: 2000