The Number of Competitors and Their Proximity Influences What a Small

question 17

Multiple Choice

The number of competitors and their proximity influences what a small business owner can charge because the competition represents

• A) Substitute choices to the customer
• B) A better product for the consumer
• C) Better quality as perceived by the consumer
• D) Less expensive products

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Definitions:

Labor Force Participation Rate

The labor force as a percentage of the adult population.

Adult Population

The adult population consists of all individuals in a certain region or country who are considered adults, typically based on achieving a specific legal age of majority.

Looking for Work

The activity of actively seeking employment or trying to find a job.

Frictional Unemployment

Short-term unemployment occurring when people are between jobs or entering the workforce for the first time.