Question

competition includes _________.
a. only one company selling a product or service
b. preventing a company from making better products
c. the amount of money left over after all expenses are accounted for
d. ignoring customer satisfaction
e. two or more businesses that sell similar products and services operating in a market - based economy

Explanation:

To determine the correct answer, we analyze each option:

• Option A: A single company selling a product/service is a monopoly, not competition. Eliminate A.
• Option B: Competition typically drives companies to improve products, not prevent it. Eliminate B.
• Option C: This describes profit, not competition. Eliminate C.
• Option D: Competition often emphasizes customer satisfaction to gain market share; ignoring it is not part of competition. Eliminate D.
• Option E: Competition is defined as multiple businesses offering similar products/services in a market, which matches this option.

Answer:

E. two or more businesses that sell similar products and services operating in a market - based economy