When competition is present, self-interested business decision makers have a strong incentive to

A) produce efficiently.
B) ignore the wishes of customers who are also self-interested.
C) adopt technological improvements slowly in order to avoid making wrong decisions
D) maximize price in order to maximize profits.

Competition

The rivalry among businesses to attract customers, increase sales, and achieve market dominance.

Self-Interested

Describes individuals or entities that act in their own best interest, aiming to maximize their own benefits and minimize costs.

Produce Efficiently

The process of producing goods or services in a way that minimizes waste and maximizes output using the least resources.