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What is the correct meaning of competition in business?

Answer and explanation

Correct answer: Several businesses trying to meet the needs of the same customer group

Business competition exists when two or more enterprises offer similar or substitute products and try to attract the same customers. It encourages firms to consider price, quality, service, and innovation. Therefore option A gives the correct meaning. The other choices describe absence of customers, higher costs, or closure, not competition itself.

Related tags

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

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