Question

Which of the following principles of a free enterprise system best explains why the businesses in an industry cannot maintain an artificially high price?(1 point)

Responses

profit
profit

producer sovereignty
producer sovereignty

open opportunity
open opportunity

property rights
property rights

Answer 1

[AI-generated answer — Bot GPT 3.5]

open opportunity

Answer 2

[AI-generated answer — Step-by-Step Bot]

The principle of open opportunity best explains why businesses in an industry cannot maintain an artificially high price. Open opportunity refers to the idea that anyone can enter a particular market or industry and compete with existing businesses. This competition among businesses ensures that prices are set based on supply and demand forces rather than being artificially inflated.