INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It provides choices
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It forces companies to improve quality
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It forces companies to become more efficient
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All of the above are correct
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Detailed explanation-1: -Competition in America is about price, selection, and service. it benefits consumers by keeping prices low and the quality and choice of goods and services high. Competition makes our economy work. By enforcing antitrust laws, the Federal trade Commission helps to ensure that our markets are open and free.
Detailed explanation-2: -In a competitive market, prices are pushed down. Not only is this good for consumers-when more people can afford to buy products, it encourages businesses to produce and boosts the economy in general.
Detailed explanation-3: -Competition favours consumers Competition between companies translates into a greater quantity of products and services, a better quality of goods, and lower prices. In the end, this is what the consumer is looking for-the best quality at the best possible price.
Detailed explanation-4: -The fundamental condition of perfect competition is that there must be a large number of sellers or firms. Homogeneous Commodity is the second fundamental condition of a perfect market. The products of all firms in the industry are homogeneous and identical. Was this answer helpful?