How Does the Australian Government fight against inefficiencies in the Economy ?
A key factor in determining market performance is how efficiently a firm uses available resources. This efficiency will determine if a firm can survive in a particular market where competition exists. In an ideal situation, perfect competition occurs when new firms are allowed to join a market and have equal access and acquisition cost of resources. Therefore with competition in place, firms will be forced to be more efficient in its production of goods/services.
Efficiency not only leads to less wastage of resources, but consumers can benefit from the possible fall in prices. Unfortunate…
- How Does the Australian Government fight against inefficiencies in the Economy ?
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