Increased global competition is placing pressure on companies to reduce costs.

Question

Quizplus · Accepted Answer

This statement is true. Increased global competition means that companies are facing more competition from other companies around the world, which can drive down prices and reduce profit margins. To remain competitive, companies need to find ways to reduce their costs, such as by improving efficiency, cutting unnecessary expenses, or sourcing materials and labor from lower-cost regions. Failure to do so can result in a loss of market share, lower profits, or even bankruptcy.

Increased Global Competition Is Placing Pressure on Companies to Reduce