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Related Industries Create the Probability That New Companies Will Enter

question 104

Multiple Choice

Related industries create the probability that new companies will enter the market. This ________ competition and forces existing firms to improve ___________.


Definitions:

Households

Units consisting of one or more people who live in the same dwelling and share meals or living accommodation; considered as a single entity for economic analysis.

Satisfaction

The feeling of fulfillment or pleasure derived from achieving a goal, satisfying a desire, or meeting a need.

Service Sector

The segment of the economy that provides intangible goods or services to consumers, including healthcare, education, financial services, and retail.

Labor Force

A rephrased definition: This consists of all working-age individuals who are currently employed or actively seeking employment.

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