Asked by Queen_Red

Which economic practice helps motivate companies to keep prices low and improve product quality?

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Answered by GPT-4o mini
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 the same customers, leading them to enhance their products and services while keeping prices attractive. This pressure encourages innovation, efficiency, and responsiveness to consumer preferences, ultimately benefiting consumers through better options and pricing.