Japanese/rinka
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I was looking for this question's answer but I couldn't find it also I want to know where(what topic) does this question comes from. Please help me.
Given the increasing levels of competition in many markets, does this mean that businesses in these markets that are trying to maintain profit must set increasing efficiency as their main operational objective? Justify your answer.
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uberteknik
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(Original post by Japanese/rinka)
I was looking for this question's answer but I couldn't find it also I want to know where(what topic) does this question comes from. Please help me.
Given the increasing levels of competition in many markets, does this mean that businesses in these markets that are trying to maintain profit must set increasing efficiency as their main operational objective? Justify your answer.
Hello.

Look at:

1) Individual economic decision making,
Consumer behaviour
Restricted choices
Behavioural economics
Determination of equilibrium
Interrelationship between markets

2) Costs and revenue
Division of labour and exchange
Diminishing returns
Economies of scale
Invention and Innovation
Perfect competition

3) Consumer demand
Changes in consumption
Product differentiation
Elasticities of demand
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