A key factor in determining market performance is how efficiently a firm uses available resources. This efficiency will determine if a firm can survive in a particular market where competition exists. In an ideal situation, perfect competition occurs when new firms are allowed to join a market and have equal access and acquisition cost of resources. Therefore with competition in place, firms will be forced to be more efficient in its production of goods/services. …showed first 75 words of 1240 total…

…showed last 75 words of 1240 total…slow the progress of the government hindering their movements of market domination. Having stating all my points I believe competition can lead to a more efficient use of resources. References Title: Economics Edition 2 Author: Sloman and Norris Publisher: Pearson Education Australia Date of Publish: 2002 Title: Exploring Macroeconomics Edth 5 Author: Greg Parry, Steven Kemp Publisher: Tactic Publisher Date of publish: 2000 Title: Economics for business Author: Ian Fraser, John Gionea, Simon Fraser Publisher: Mcgraw-Hill Date of Published: 2000