Direction: Mark the option which is most suitable:Assertion : Globalization leads to increased competition in international and domestic markets.Reason : Globalization also makes the consumers better off as they have a wider variety of goods to choose from at lower prices.a)If Both assertion and reason are true, and reason is the correct explanation of assertion.b)If Both assertion and reason are true, but reason is not the correct explanation of assertion.c)If Assertion is true, but reason is false.d)If Both assertion and reason are false.Correct answer is option 'B'. Can you explain this answer?

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Direction: Mark the option which is most suitable:

Assertion : Globalization leads to increased competition in international and domestic markets.

Reason : Globalization also makes the consumers better off as they have a wider variety of goods to choose from at lower prices.

a)
If Both assertion and reason are true, and reason is the correct explanation of assertion.
b)
If Both assertion and reason are true, but reason is not the correct explanation of assertion.
c)
If Assertion is true, but reason is false.
d)
If Both assertion and reason are false.

Correct answer is option 'B'. Can you explain this answer?

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Direction: Mark the option which is most suitable:Assertion : Globali...

Globalization leads to increased competition in international and domestic markets as there is free movement of goods, services, labour and funds across countries. Also, consumers are better off as they get better quality and increased variety of goods at lower prices.

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Direction: Mark the option which is most suitable:Assertion : Globali...

Assertion : Globalization leads to increased competition in international and domestic markets.
Reason : Globalization also makes the consumers better off as they have a wider variety of goods to choose from at lower prices.

The correct option for this statement is 'B' - Both assertion and reason are true, but the reason is not the correct explanation of the assertion.

Explanation:

1. Globalization leads to increased competition in international and domestic markets:
Globalization refers to the integration and interdependence of economies, cultures, and societies across the world. It involves the free flow of goods, services, capital, and information between countries. One of the main consequences of globalization is increased competition in both international and domestic markets. Here's why:

- Globalization allows companies to access a larger market base, both domestically and internationally. This means that companies face competition not only from local businesses but also from foreign companies that can offer similar products or services at competitive prices.
- Increased competition forces companies to improve the quality of their products and services, reduce costs, and innovate to stay ahead in the market. This benefits the consumers as they have access to better products at competitive prices.
- Globalization also encourages the transfer of technology and knowledge across borders. This enables companies to adopt new techniques and processes, which further enhances their competitiveness in the market.

2. Globalization makes consumers better off as they have a wider variety of goods to choose from at lower prices:
This reason is also true, but it does not directly explain why globalization leads to increased competition. Here's why:

- Globalization allows companies to source raw materials and produce goods in countries where the costs are lower, such as labor costs. This leads to lower production costs for companies, which can then be passed on to the consumers in the form of lower prices.
- Additionally, globalization enables companies to access a wider variety of inputs and resources from different countries. This allows them to offer a greater variety of goods and services to consumers, catering to their diverse preferences and needs.
- With globalization, consumers have access to products from all around the world. They can choose from a wide range of options, compare prices and quality, and make informed decisions based on their preferences and budgets.
- The increased competition resulting from globalization also encourages companies to constantly improve and innovate, leading to better products and services for consumers.

In conclusion, while both the assertion and reason are true, the reason does not directly explain why globalization leads to increased competition. Globalization itself is the primary driver of increased competition, and the wider variety of goods and lower prices are additional benefits for consumers.

Answered by Dr Manju Sen · View profile

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Direction: Mark the option which is most suitable:Assertion : Globalization leads to increased competition in international and domestic markets.Reason : Globalization also makes the consumers better off as they have a wider variety of goods to choose from at lower prices.a)If Both assertion and reason are true, and reason is the correct explanation of assertion.b)If Both assertion and reason are true, but reason is not the correct explanation of assertion.c)If Assertion is true, but reason is false.d)If Both assertion and reason are false.Correct answer is option 'B'. Can you explain this answer?

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