Solved: What is the primary requirement for market to be competitive, Microeconomics

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What is the primary requirement for market to be competitive

Problem

What is the primary requirement for a market to be competitive? Is competition necessary for markets to work well? Why or why not? How does competition influence the following: (a) the cost efficiency of producers. (b) the quality of products, and (c) the discovery and development of new products? Explain your answers.

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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