Which of the following BEST describes competition?
A) Two or more companies compete with one another for greater federal, state, and local subsidies.
B) Two or more companies compete with one another to attract customers and gain an advantage.
C) Two or more companies compete with one another to maintain a monopoly.
D) Two or more companies complete with one another to influence trade policy.
E) Two or more companies compete with one another to limit the variety of goods and services.

Question

Quizplus · Accepted Answer

Competition refers to the rivalry between companies in the same industry to attract customers and gain a competitive advantage. This involves offering better prices, products, or services to customers than their competitors. Therefore, option B best describes competition. The other options are incorrect because they do not capture the essence of competition in business.

Which of the Following BEST Describes Competition