Competition Refers to

question 26

Multiple Choice

Competition refers to

• A)identical products that perform identical functions.
• B)any for profit organization that may have access to a firm's customers.
• C)firms that operate in a given geographic region, regardless of product or service.
• D)any product or service that vies for a portion of a customer's discretionary income.
• E)alternative firms that could provide a product to satisfy a specific market's needs.

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Definitions:

Drawee

The party, typically a bank or financial institution, upon whom a cheque or draft is drawn and is responsible for paying the specified amount to the holder or bearer of the instrument.

Payees

Individuals or entities to whom money is to be paid or is owed.

Discrepancy

A lack of compatibility or similarity between two or more facts, figures, or findings leading to a deviation from what is expected or agreed upon.

Numeric Field

A field in databases or software applications designated for numerical data.