Which of the following is the benefit of globalisation?

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Consumers pay more for goods and services, so producers are better off.

Asymmetric information can not exist in a globalised market.

Consumers get a variety of goods to choose from.

Homogenous goods are sold in the global market.

answer is C.

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Detailed Solution

One of the benefits of globalisation is that consumers get a variety of goods to choose from. The emergence of globalisation led to the entry of global products into local markets. People now had many international products available for them along with local products. This increased the competition among the global and local producers. This increased competition also reduced product prices, which was further beneficial for the consumers. With the entry of global products, the efficiency of local producers also increased. This way, with globalisation, consumers get more options to choose from.

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