/*! This file is auto-generated */ .wp-block-button__link{color:#fff;background-color:#32373c;border-radius:9999px;box-shadow:none;text-decoration:none;padding:calc(.667em + 2px) calc(1.333em + 2px);font-size:1.125em}.wp-block-file__button{background:#32373c;color:#fff;text-decoration:none} Q. 18 How does competition, whether do... [FREE SOLUTION] | 91影视

91影视

Log out

Learning Materials

Features

Discover

Chapter 21: Q. 18 (page 522)

How does competition, whether domestic or foreign, harm businesses?

Short Answer

Expert verified

Competition harms businesses by cutting wages and job opportunities.

Step by step solution

01

Step 1. Concept

Domestic business & foreign firms create competition among producers of similar goods & services that impacts the price of goods, wages of workers, and employment.

02

Step 2. Explanation 

When a firm competes with another domestic or foreign firm in the industry, they face the risk of loosing market share. They might even be forced out of the market because of severe competition. This can cause loss of employment for the workers employed in that firm.

Unlock Step-by-Step Solutions & Ace Your Exams!

  • Full Textbook Solutions

    Get detailed explanations and key concepts

  • Unlimited Al creation

    Al flashcards, explanations, exams and more...

  • Ads-free access

    To over 500 millions flashcards

  • Money-back guarantee

    We refund you if you fail your exam.

Over 30 million students worldwide already upgrade their learning with 91影视!

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Most popular questions from this chapter

If trade barriers hurt the average worker in an economy (due to lower wages), why does the government create trade barriers?

What are main reasons for protecting 鈥渋nfant industries鈥�? Why is it difficult to stop protecting them?

What are some examples of innovative products

that have disrupted their industries for the better?

Name and define three policy tools for enacting

protectionism.

What is the national interest argument for protectionism with regard to certain products?
See all solutions

Recommended explanations on Economics Textbooks

Taxation Economics

Read Explanation
View all explanations

What do you think about this solution?

We value your feedback to improve our textbook solutions.

Study anywhere. Anytime. Across all devices.