related industries create the probability that new companies will enter the market. this competition and forces existing firms to improve . group of answer choices decreases; sales increases; efficiency decreases; efficiency decreases; innovation

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21-10-2022
Business

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related industries create the probability that new companies will enter the market. this competition and forces existing firms to improve . group of answer choices decreases; sales increases; efficiency decreases; efficiency decreases; innovation

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Tundexi Tundexi · Answer 1 · 2022-10-25T12:29:40+02:00

As related industries create the probability that new companies will enter the market. This increases competition and forces existing firms to improve their efficacy.

What is known as a competition?

In economics, a competition means a situation in the market in which firms or sellers independently strive for the patronage of buyers in order to achieve a particular business objective such as when profits, sales or market share.

A situation where there are many sellers of an undifferentiated product, then, a competition is considered to be high. If there are few sellers, then, the competition is low. But If there is a single seller, then, the market is considered a monopoly.