According to the Textbook, the Three Different Types of Competitors

question 14

Multiple Choice

According to the textbook, the three different types of competitors a business will face are ________.

• A) potential, direct, and upcoming
• B) indirect, fleeting, and future
• C) serious, cautious, and future
• D) direct, indirect, and future
• E) potential, fleeting, and indirect

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Definitions:

Consumed

The act of using up a good or service, thus removing it from the market and contributing to economic activity.

Marginal Utility

The variation in pleasure or usefulness a consumer feels from using one more unit of a product or service.

Diminishing Marginal Utility

The principle that as a consumer consumes more of a good or service, the additional satisfaction gained from consuming an additional unit decreases.

Inferior Good

A type of good for which demand decreases as the income of consumers increases, opposite to what is observed with normal goods.