Question : Which of the following is an advantage of foreign competition?
Option 1: No requirement to develop new products.
Option 2: The incentive to produce efficiently.
Option 3: Expansion of foreign market.
Option 4: Saving of foreign exchange reserves.
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Correct Answer: The incentive to produce efficiently.
Solution : The correct option is the incentive to produce efficiently.
An advantage of foreign competition is that it provides an incentive for domestic producers to become more efficient. When competing with foreign companies, domestic businesses are pushed to improve their productivity, reduce costs, and enhance the quality of their products or services to remain competitive in the global market. This drive for efficiency benefits consumers by offering better products and lower prices.
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