Which of the Forces of the Business Environment Involves the Rivalry

question 16

Multiple Choice

Which of the forces of the business environment involves the rivalry among businesses for customers and profits?

• A)The economic dimension
• B)The legal dimension
• C)The competitive dimension
• D)The technological dimension
• E)The voluntary responsibilities dimension

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Definitions:

Incentive

Anything that offers rewards to people to change their behavior.

Quantity Demanded

The aggregate quantity of a product or service that buyers are prepared and capable of buying at a certain price.

Quantity Supplied

The quantity of a product that sellers are prepared and capable of offering for sale at a certain price during a defined timeframe.

Excess Demand

A situation where the quantity demanded of a good or service exceeds the quantity supplied at the current price, leading to upward pressure on prices.