Question

Q 7. Competition among the companies resulted in - * 1 point (a) Reduced profits of companies (b) Quality of goods increased (c) Price became low (d) None of these clas 8
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Answer 1

Answer:

reduced profit of company

Answer 2

Competition among the companies resulted in (c) an increase in the quality of goods.

• When an industry has a lot of competitors, the firms try to invent the most efficient technology for better goods at the same competitive price.
• This results in a better quality of the products at a lower price.
• Consumers can choose the best quality product at the same price due to the competition amongst the firms.