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7 March, 21:52

Which of the following describes the benefits of specialization in a free market?

Specialization leads to higher prices. Specialization leads to decreased competition among producers. Specialization leads to lower overall output. Specialization leads to efficient use of capital, land, and labor.

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  1. 8 March, 00:14
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    Specialization leads to efficient use of capital, land, and labor.

    Explanation:

    Specialization in a free market refers to countries focusing on producing certain products which allow them to exchange the surplus with other countries to get other products. Specialization has benefits like achieving higher efficiency and productivity because there is an efficient use of the factors of production (land, capital and labor), the production of goods increases, the market becomes bigger by having acess to other countries and prices tend to decrease.

    Because of this, the answer is Specialization leads to efficient use of capital, land, and labor.
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