Which factor is most likely to increase the level of competition that a business faces in its market?

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Question

Which factor is most likely to increase the level of competition that a business faces in its market?

Accepted Answer

The entry of new firms into the market — New firms entering the market increases supply and competition, putting downward pressure on prices. High barriers to entry reduce competition by preventing new entrants. Fewer substitutes reduce competitive pressure. Strong brand loyalty protects a business from competitors.

Answer

High barriers to entry for new firms

Answer

The entry of new firms into the market

Answer

Strong brand loyalty among existing customers

Answer

A reduction in the number of substitute products

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