WAEC Economics 2018 Objective — Question 4
Question 4 of 50 from the West African Examinations Council (WAEC) Economics 2018 Objective paper, with the correct answer and a full explanation.
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Producers operating in a free market economy are more efficient as a result of
- A. the existence of competitionCorrect
- B. the very few number of participants
- C. the commitment of the shareholders
- D. government's regulation of their activities
Explanation
Competition is the bedrock of a free market, which pushes producers to be efficient in order to survive and succeed.
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