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Competition occurs if ...
  • a)
    Two or more businesses try to sell the same type of goods or services to the same customer
  • b)
    Government agencies are the only producers of goods or services
  • c)
    One business has the approval to sell the total production of one type of good or service
  • d)
    One large business owns all the natural resources needed to produce some particular product
Correct answer is option 'A'. Can you explain this answer?
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Competition occurs if ...a)Two or more businesses try to sell the same...
Competition Explanation:

Definition of Competition:
Competition occurs when two or more businesses try to sell the same type of goods or services to the same customer.

Factors Leading to Competition:
- Limited market demand for a specific product or service.
- Similar target customers for businesses offering the same goods or services.
- Interchangeability of products or services offered by competing businesses.
- Price, quality, and marketing strategies of businesses affecting consumer choice.

Impact of Competition:
- Encourages businesses to improve their products or services to attract customers.
- Drives innovation and creativity in product development and marketing strategies.
- Leads to competitive pricing strategies to capture market share.
- Creates a level playing field for businesses to grow and succeed.

Benefits of Competition:
- Increased consumer choice and quality of products or services.
- Lower prices due to competitive pricing strategies.
- Economic growth and development through increased efficiency and productivity.
- Encourages businesses to focus on customer satisfaction and retention.
In conclusion, competition is essential in a free market economy as it promotes efficiency, innovation, and consumer welfare. Businesses must continuously adapt and improve to thrive in a competitive environment, ultimately benefiting both the businesses and consumers.
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Competition occurs if ...a)Two or more businesses try to sell the same type of goods or services to the same customerb)Government agencies are the only producers of goods or servicesc)One business has the approval to sell the total production of one type of good or serviced)One large business owns all the natural resources needed to produce some particular productCorrect answer is option 'A'. Can you explain this answer?
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Competition occurs if ...a)Two or more businesses try to sell the same type of goods or services to the same customerb)Government agencies are the only producers of goods or servicesc)One business has the approval to sell the total production of one type of good or serviced)One large business owns all the natural resources needed to produce some particular productCorrect answer is option 'A'. Can you explain this answer? for CA CPT 2024 is part of CA CPT preparation. The Question and answers have been prepared according to the CA CPT exam syllabus. Information about Competition occurs if ...a)Two or more businesses try to sell the same type of goods or services to the same customerb)Government agencies are the only producers of goods or servicesc)One business has the approval to sell the total production of one type of good or serviced)One large business owns all the natural resources needed to produce some particular productCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA CPT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Competition occurs if ...a)Two or more businesses try to sell the same type of goods or services to the same customerb)Government agencies are the only producers of goods or servicesc)One business has the approval to sell the total production of one type of good or serviced)One large business owns all the natural resources needed to produce some particular productCorrect answer is option 'A'. Can you explain this answer?.
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