What does competition mean in business?
Answer and explanation
Correct answer: समान ग्राहकों के लिए कई विक्रेताओं का प्रयास
Competition occurs when two or more sellers seek to attract customers for similar or substitute goods and services. They may compete through price, quality, variety, convenience, or service. Competition does not mean that customers are absent or that every shop closes. Therefore, the effort of several sellers to serve the same customers is correct.
Frequently asked questions
What is the correct answer to this question?
समान ग्राहकों के लिए कई विक्रेताओं का प्रयास
Why is this the correct answer?
Competition occurs when two or more sellers seek to attract customers for similar or substitute goods and services. They may compete through price, quality, variety, convenience, or service. Competition does not mean that customers are absent or that every shop closes. Therefore, the effort of several sellers to serve the same customers is correct.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: Business, Trade and Commerce. Topic: Business Risk.
