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Competition is the disciplinarian of the market economy

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Competition is the disciplinarian of the market economy. Explain.

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This solution explains what it is meant by, "competition is the disciplinarian of the market economy".

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The market system encourages competition because there is a leveled playing field for both existing and new entrants. The basis of the competition in the market system is the freedom of choice that is exercised in pursuit of a monetary return. Competition between buyers, and sellers in the market system "diffuses economic power within the businesses and households that make up the economy" (McConnell & Brue, 2008, ...

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  • MBA, Aspen University
  • Bachelor of Science , Berea College
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