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Competition pushes any businesses out of their comfort zones because of the quest to serve better in the industry. Leaving your comfort zone helps businesses to beat the records of their competitors, which fosters innovation. If companies compete, the competitor will promote the markdown of their products, the enhancement of their services, and the improvement of their products ability. When this happens the consumers get the opportunity to pick and choose who is worth their money, time and attention.
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Why is competition in business considered to be good?
Competition in business is considered to be good particularly to keep the business current with its prices and quality of workmanship. Business know that consumers are smart and will shop around for the best of both price and workmanship.
How do consumers experience excess demand in the market?
Consumers experience excess demand in the market when the quantity of a good or service demanded by consumers exceeds the quantity supplied by producers. This can lead to shortages, higher prices, and competition among consumers for the limited available supply.
Why do consumers benif from businesses having to compete?
The benefit to the consumer with competition is usually a larger selection for a particular product with perks such as lower pricing and/or rebates. Aside from that prospect, the ability to have a selection based on brand preference is a great attribute for the consumer. Consumers do benefit from competition of how the store/resto/mall, makes some promos or other good things that could capture the consumers. and also by improving their business for the good of the consumers, that could gain their trust and support.
Which describes a situation where competition between producers exist?
two or more producers are trying to sell the same good or service to the same consumers
Why is competition important in a free market system?
they can see the different prices and special functions of a particular product. they can also compare those things. competition isn't only good for consumers but also for the people who make the better product.
Why is competition in business considered to be good?
Competition in business is considered to be good particularly to keep the business current with its prices and quality of workmanship. Business know that consumers are smart and will shop around for the best of both price and workmanship.
How do consumers experience excess demand in the market?
Consumers experience excess demand in the market when the quantity of a good or service demanded by consumers exceeds the quantity supplied by producers. This can lead to shortages, higher prices, and competition among consumers for the limited available supply.
Why do consumers benif from businesses having to compete?
The benefit to the consumer with competition is usually a larger selection for a particular product with perks such as lower pricing and/or rebates. Aside from that prospect, the ability to have a selection based on brand preference is a great attribute for the consumer. Consumers do benefit from competition of how the store/resto/mall, makes some promos or other good things that could capture the consumers. and also by improving their business for the good of the consumers, that could gain their trust and support.
Which describes a situation where competition between producers exist?
two or more producers are trying to sell the same good or service to the same consumers
Why is competition important in a free market system?
they can see the different prices and special functions of a particular product. they can also compare those things. competition isn't only good for consumers but also for the people who make the better product.
Why demand curve slope downwards under perfect competition?
Because in order to induce consumers to buy more in a market, price must be reduced. With a lower price, more consumers will be willing and able to purchase the good.
Why is competition important in the US enterprise system?
Competition has, as two of it's results, improved products, and lower prices, both very good things for the consumer.
How does competition among firms benefit consumers?
If you have competition between two competing firms they both must offer good service or product with competitive price. Another way to increase sales in a competitive market it to add "features" that customers want, such as free shipping, extended warranties, improved reliability, and so forth, all of which will benefit at least some of the consumers. When the marginal costs for thousands of "extras" approaches zero, the markets are flooded with goods having "features" that either nobody wants or nobody is willing to pay for.
Who would win in a dance competition with B2st against Big Bang?
both are very good dancers but i would go for bigbang:D
What are the elements of management for the school sports competition?
sapsasa is a good competition.
How will consumers react to the incentive of a higher price on a good or services?
The negative incentive will cause consumers to purchase less of a good or service if it is of lower quality
Is competition good or bad for organisms?
Competition can be both good and bad for organisms. On one hand, competition can drive individuals to improve their efficiency and adaptability, leading to the evolution of stronger and more resilient species. On the other hand, intense competition can result in a higher risk of extinction or loss of resources for some organisms, ultimately impacting their survival and well-being.
