Jeff is an entrepreneur who decided to start an online bakery. Since all his business will be done online and he can bake in his home kitchen, he is saving building and other brick-and-mortar costs that allow him to pass these savings on to his customers. Reducing prices to customers is an element of

Question

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This scenario focuses on an element of competition: reducing prices. Competition allows entrepreneurs to discover new technology, ways to lower prices, and methods for providing better distribution of services. Steve's online bakery can offer products at competitive prices by avoiding building and other brick-and-mortar costs.

Jeff Is an Entrepreneur Who Decided to Start an Online