How do nearby businesses with similar products usually compete?

A.
offering deals and low prices

B.
changing to different product types

C.
lowering the level of service to save costs

D.
establishing a minimum price for everyone to use
What is a positive effect of competition?

A.
increased value for consumers

B.
increased wages for workers

C.
increased profits for producers

D.
increased incentives for investors
How has the dedication to a market economy changed the U.S. government?

A.
It led to the Bill of Rights.

B.
It led to support for workers' rights.

C.
It led to a belief in freedom of enterprise.

D.
It led to a preference for producer rights over consumer rights.
What does greater competition among sellers usually lead to?

A.
lower prices and fewer choices for buyers

B.
lower prices and more choices for buyers

C.
higher prices and fewer choices for buyers

D.
higher prices and more choices for buyers

To answer these questions, let's go through the options and explain how to arrive at the correct answers.

1. How do nearby businesses with similar products usually compete?
The correct answer is A. offering deals and low prices. Nearby businesses with similar products often compete by trying to attract customers through offering better deals and lower prices compared to their competitors. This competition can help drive down prices and benefit consumers.

2. What is a positive effect of competition?
The correct answer is A. increased value for consumers. Competition among businesses can lead to improved quality, better products, and lower prices in order to attract more customers. As a result, consumers generally benefit from increased value when there is healthy competition in the market.

3. How has the dedication to a market economy changed the U.S. government?
The correct answer is C. It led to a belief in freedom of enterprise. The dedication to a market economy in the United States has shaped the government's belief in and support for the freedom of enterprise, allowing individuals and businesses to freely participate in economic activities with minimal government intervention. This belief is one of the key aspects of a market economy.

4. What does greater competition among sellers usually lead to?
The correct answer is B. lower prices and more choices for buyers. When there is greater competition among sellers, each business strives to attract customers by offering better prices and a wider variety of choices. This competition tends to benefit buyers as they have access to more options and can often find products at lower prices.

By understanding the concepts of competition, market economy, and their effects, you can arrive at the correct answers to these questions.