Australian Competition and Consumer Commission (ACCC) emphasizes competition's role in pricing amid cost-of-living crisis.
Competition matters for prices because it encourages firms to use resources efficiently and produce what consumers want at the lowest possible cost. In a free market system, different types of competition, such as perfect competition, drive down prices as more firms vie to sell a particular product. The Australian Competition and Consumer Commission (ACCC) ensures fair market practices. Understanding competition's role in pricing is crucial in today's cost-of-living crisis.
July 28, 2024
4 Articles