Which term means rivalry among producers to sell products to consumers?

• A. Competition
• B. Demand
• C. Inflation
• D. Monopoly

Answer: (A)

Competition is the rivalry among producers to attract customers by offering better prices, higher quality, or improved service. In a competitive market, many firms vie for buyers, which pushes prices down, spurs innovation, and gives consumers more choices. This contrasts with demand, which is about how much buyers want to purchase at different prices; inflation, which is a general rise in price levels across the economy; and monopoly, a market situation where one seller dominates and rivalry is minimal. So the term that fits the idea of producers competing to sell to consumers is competition.