For firms like Walmart, competition
A) is not a factor that must be considered in a free-market economy.
B) affects smaller businesses but not large chain operations.
C) affects larger chain operations but not smaller businesses.
D) is a rivalry among businesses for sales to potential customers.
E) is a problem that has been eliminated in the twenty-first century.

Question

Quizplus · Accepted Answer

Competition refers to the rivalry among businesses for sales to potential customers. It affects all businesses, including large chain operations like Walmart. Therefore, option D is the best choice. The other options are incorrect. A free-market economy is characterized by competition among businesses, so option A is incorrect. Option B is also incorrect because competition affects all businesses. Option C is incorrect because larger chain operations are often in direct competition with other businesses, including smaller ones. Option E is incorrect because competition is still prevalent in the twenty-first century.

For Firms Like Walmart, Competition