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when businesses or people try to be better than others by offering better prices, quality, or services so customers choose them
competition
What does the passage suggest about the relationship between competition and quality?
Competition leads to better quality
relevant
important or useful in a current situation
What happens when a company does something "better, faster, or cheaper" according to the passage?
Other companies must respond to the competition
a business or person that sells similar goods or services and challenges others in the market
competitor
to create something new or improve how something works
innovate
monopoly
when one company controls an entire market so there is no real competition
What does the passage suggest companies need to do to stay relevant?
Adapt and compete
prices
the amount of money someone pays to buy a good or service
What does "innovate" mean in this passage?
To create new and better ways of doing things
What is the overall message of this lesson?
Competition benefits consumers
fail
to not succeed or stop working, such as a business that closes because it cannot compete
a group of businesses that make similar goods or provide similar services (for example, taxi services)
industry
to do well or achieve a goal, such as staying in business or attracting customers
succeed
helpful work or activity done for others (like a taxi ride)
helpful work or activity done for others (like a taxi ride)
What is a "monopoly" as mentioned in the passage?
When one company or group controls an entire market
how good or well-made a product or service is
quality
What happens when an industry is protected from competition?
Companies can keep prices high
the place or system where buyers and sellers meet to exchange goods or services
market
What does the passage say happens when a new competitor joins the market?
Other companies must adapt or become irrelevant
adapt
to change how you do something so it works better in new conditions
What happened when Uber and Lyft entered the market?
Prices dropped and quality improved
protected from something (for example, a market shielded from competition means new businesses are prevented from joining)
shielded
According to the passage, what was riding in a taxi like for decades?
Miserable and unpleasant
a person who buys or uses goods or services
consumer