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.
Frequently asked questions
What is the correct answer to this question?
Many businesses trying for similar customers
Why is this the correct answer?
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.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: Business, Trade and Commerce. Topic: Concept, characteristics and objectives of business.
