Question : Statement 1: Entrepreneurship development leads to increased competition and market efficiency.
Statement 2: New businesses entering the market create choices for consumers and encourage existing firms to improve.
Option 1: Both statements are true.
Option 2: Statement 1 is true, but statement 2 is false.
Option 3: Statement 2 is true, but statement 1 is false.
Option 4: Both statements are false.
Correct Answer:
Both statements are true.
Solution : The correct answer is (a) Both statements are true.
Statement 1 is accurate as entrepreneurship development can lead to increased competition and market efficiency.
Statement 2 is also true. New businesses entering the market often create choices for consumers, and the competition encourages existing firms to improve their products, services, or efficiency to remain competitive.
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