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To form a diagram and analyze the advantages and disadvantages of competition to sellers and buyers.
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Explanation of Solution
Competition is the rivalry between firms that offer similar commodities and services, intending to achieveprofit, growth in sales, and market share. Market competition motivates firms by using the four components of the marketing mix to maximize sales volume.
The advantages and disadvantages of competition on sellers and buyers are shown with the help of the given diagram:
Chapter 2 Solutions
Economics Today and Tomorrow, Student Edition
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