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Fundamental justification of competition

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1. A fundamental justification of competition is that it promotes efficiency and innovation on the part of business firms(True/False)

2. Consumption is the ultimate end of economic activity(True/False)

3. In a competitive, free enterprise economy consumer demand is the principle determinant of what and how much is produced(True/False)

4. The study of economics is primarily theoretical and has very little practical application(True/False)

Reference no: EM131051136

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