Which of the following statements about competition in a market is true ?

Question

Which of the following statements about competition in a market is  true ?

Answer

Competition forces firms to outsource the production of their labor-intensive products.

Answer

Competition forces firms to produce and sell products as long as the marginal benefit to consumers exceeds the marginal cost of production.

Answer

Competition forces firms to undercut their selling price, thus benefiting consumers who will be able to purchase products at the lowest price possible.

Answer

Competition forces firms to add only low profit margins to their costs of production.

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Which of the following statements about competition in a market is true ?

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