For firms like Target and Walmart, competition
A)is not a factor that must be considered in a free-market economy.
B)affects smaller businesses but not large chain operations.
C)affects larger chain operations but not smaller businesses.
D)is a rivalry among businesses for sales to potential customers.
E)is a problem that has been eliminated in the twenty-first century.

Question

Quizplus · Accepted Answer

Competition is defined as a rivalry among businesses for sales to potential customers. Therefore, option D is the correct answer. Options A, B, and E are incorrect because they either imply that competition is not a factor or that it only affects certain businesses. Option C is inaccurate because larger chains are also affected by competition.

For Firms Like Target and Walmart, Competition