ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Two or more businesses try to sell the same type of goods or services to the same customer
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Government agencies are the only producers of goods or services
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One business has the approval to sell the total production of one type of good or service
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One large business owns all the natural resources needed to produce some particular product
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Detailed explanation-1: -Direct competitors are brands or businesses selling products or services to the same target audience. You can tell if two businesses are in direct competition with each other if: They operate within the same industry. They provide the same or similar products or services.
Detailed explanation-2: -Competition can be either direct (competing by selling the same products) or indirect (competing for the same market). The intensity of that competition, whether direct or indirect, will affect the overall potential for success of your business.
Detailed explanation-3: -Definition: Indirect competition, also known as substitutes, is when two or more businesses offer different products or services and compete for the same market to satisfy the same customer need.
Detailed explanation-4: -What Is Business Competition? Competition in business is the contest or rivalry among the companies selling similar products and/or targeting the same target audience to get more sales, increase revenue, and gain more market share as compared to others.
Detailed explanation-5: -Economists have identified four types of competition-perfect competition, monopolistic competition, oligopoly, and monopoly.