Competition is essentially the search for

Question

Quizplus · Accepted Answer

Competition is the process where firms try to increase their market share and profitability by delivering better quality products and services at a lower price compared to their competitors. This ultimately leads to the pursuit of economic profit (revenue minus all costs, including opportunity costs) rather than just accounting profit (revenue minus explicit costs only). Thus, option B is the best answer. The other options are irrelevant to the concept of competition.

Competition Is Essentially the Search for