What is the Definition of Competition?

What is the Definition of Competition?

where more than one company provides a good or service. Can keep prices low as competitors fight for customers by undercutting their rivals. However, this could put operators out of business and reduce competition, possibly causing price increases. Can also lead to inefficiency through duplication, especially in services.

Source: https://www.itseducation.asia/

Label: Geography
Theme: Dictionary of Geography Terms

Other Questions: What is the definition of Biomass?

What is the Definition of Competition in Geographic Terms?

You can find other random definition and meaning of geographic terms below:


What is the meaning of Outcrop

Area of exposed bedrock at the Earth's surface with no overlying deposits of soil or regolith.


What is the meaning of Output

Movement of matter, energy, or information out of a system. Also see input.


What is the meaning of Outwash

Glaciofluvial sediments deposited by meltwater streams at the edge of a glacier.


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