A. Development of new products

Explanation: The correct answer is A. Development of new products.

This is the most likely result of competition for several reasons:

1. Innovation: Companies in competitive markets are driven to innovate and develop new products to differentiate themselves and gain market share.
2. Meeting Consumer Needs: Competition encourages businesses to better understand and meet consumer needs, often leading to new product development.
3. Staying Ahead: To maintain or improve their market position, companies must continually improve their offerings, which often results in new products.

The other options are less likely results of competition:

B. Reduction in product quality: Competition typically leads to improved, not reduced, quality as companies try to outperform each other.

C. High prices: Competition usually leads to lower, not higher, prices as companies compete for customers.

D. More monopolies: Competition by definition reduces monopolies, not creates them.

E. Market regulation: While regulation can affect competition, it’s not a direct result of competition itself.