1- Competition among entrepreneurs will result in Select one: a. Workers getting paid higher wages than...

1- Competition among entrepreneurs will result in

Select one:

a. Workers getting paid higher wages than otherwise due to better alternative employment opportunities available.

b. Consumers paying higher prices than otherwise, due to increased cost.

c. Entrepreneurs making higher profits than otherwise due to increased efficiency.

d. Less product innovation than otherwise due to increased cost pressures and lower research budgets.

Expert Solution

Solution:-Option A is correct.

a. Workers getting paid higher wages than otherwise due to better alternative employment opportunities available.

Explaination:-Competition among entrepreneurs will result in Workers getting paid higher wages than otherwise due to better alternative employment opportunities available.Of course, competition isn't all good. While using the presence of threatening rivals to focus and motivate employees, you also have to make sure your competitors aren't going to steal your customers. Meanwhile, you'll be doing everything you can to grab sales from your rivals. Step one in both of these processes is to identify and know your competitors.Determining exactly who is your competition is pretty easy. Companies that offer the same or similar products as you do may be competitors. If their geographical market areas overlaps with yours and their price points also resemble yours, it's almost a certainty they're competitors.

Rahul Sunny answered 2 years ago

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