Question

In order to compete successfully, a producer must produce goods that are

more expensive than those of competitors.
of a lesser quality than those of competitors.
of a higher quality than those of competitors.
created without worrying about the costs of production.

Answer 1

of a higher quality than those of competitors.

Explanation: To compete successfully, producers need to offer better value—often achieved by higher quality (or lower price/costs) than rivals—so customers prefer their goods.