The key issue with competition is the role competition plays in eliminating ________ and making the ________ as large as possible.
A) cooperative surplus; profits
B) producer surplus; consumer surplus
C) deadweight losses; cooperative surplus
D) shortages; total revenue

Question

Quizplus · Accepted Answer

Competition helps to eliminate deadweight losses, which are inefficiencies in the market, and aims to maximize the cooperative surplus, which is the total benefit to all parties involved in the market transaction.

The Key Issue with Competition Is the Role Competition Plays