Competition means that: a. a product can be purchased at a number of different prices. b. there are independently acting buyers and sellers in each market. c. sellers can manipulate market price by causing product scarcities. d. there is more than one seller in a market.

d. there is more than one seller in a market.

Explanation:

Competition exists in business when many sellers are selling similar products, and targeting the same clients in a market. It is the rivalry among firms dealing with similar products as each tries to attract more customers and make more sales.  Competition makes companies be creative and innovative with their products and services to win customers.

Businesses may compete in various aspects such as price, quality, design, or location. In practice, competition exists in almost every aspect of a business. Customers are the greatest beneficiaries of business competition. Due to competition, customers get a wide variety of quality products to choose from at affordable prices.

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