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What is competition?

Answer and explanation

Correct answer: Many businesses trying for similar customers

Competition exists when two or more businesses offer similar or substitute goods or services and try to attract the same or related customers. It may encourage better quality, fair prices, and improved service. Thus option A is correct. A single seller or an empty market does not describe ordinary competition.

Related tags

CompetitionMarketConceptCharacteristics And Objectives Of BusinessConcept Characteristics And Objectives Of BusinessBusinessTrade And CommerceBusiness Trade And CommerceBusiness StudiesClass 11 Mcq

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