The economic practice that helps motivate companies to keep prices low and improve product quality is competition. In a competitive market, multiple companies vie for consumers' attention and business, which encourages them to offer better prices and higher quality products to attract and retain customers. When firms compete effectively, they must innovate, improve efficiency, and respond to consumer demands, leading to an overall better experience for the customer and driving down prices. This concept is foundational in market economies and is often associated with the principles of capitalism.
Which economic pratice helps motivate companies to keep prices low and improve product quality?
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