Adam smith suggests that increased competition will allow prices to be kept ______________________.

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Adam smith suggests that increased competition will allow prices to be kept ______________________.

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JAYILYCH4REALGO JAYILYCH4REALGO · Answer 1

Adam Smith suggests that increased competition will allow prices to be kept low or reduced.

Who is Adam Smith?

He is a Scottish philosopher and also an economist who gave valuable contributions to the understanding of human needs.

Hence, his thoughts about increased competition in the market and its effect on price suggest that when competition increases, there would be a reduction in price because according to him, wages, profits and rent determines price.