Which concept refers to rivalry between businesses offering similar goods or services?

The concept that refers to rivalry between businesses offering similar goods or services is competition. Competition occurs when multiple companies strive to attract the same customers by offering better price points, superior product features, enhanced customer service, or other differentiating factors. The presence of competition is a fundamental characteristic of a market economy, as it drives innovation, improves efficiency, and can lead to lower prices for consumers. When businesses compete, they are motivated to improve and meet the needs of their customers, ultimately benefiting the overall economy and consumer choice.

Monopoly refers to a market structure where a single firm dominates the entire market for a particular good or service, leaving no room for competition. Liabilities deal with a company's financial obligations and debts, rather than market dynamics or business rivalry. Price fixing, on the other hand, involves an agreement between businesses to set prices at a certain level, undermining competition and often leading to higher costs for consumers. Hence, competition accurately encapsulates the idea of rivalry among similar businesses in the marketplace.