Final answer:
The statement 'A lack of awareness leads to a reduction in competition' is False.
Step-by-step explanation:
The statement 'A lack of awareness leads to a reduction in competition' is False.
Competition is not reduced by a lack of awareness, but rather, it is increased by awareness. When businesses are aware of their competitors and the market conditions, they are more likely to engage in competitive strategies to maintain or increase their market share. Lack of awareness may lead to complacency, which can ultimately result in reduced competition.
For example, a business that is unaware of new products or pricing strategies from its competitors may not update its own offerings, leading to a loss of customers to more competitive firms.