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Producers driven by the profit motive seek to reduce their competition.
perfect competition
Producers benefit from business competition by having to develop proficiency to a much greater level in providing their product or service to the market than they otherwise would have if business competition was lacking.
With a market economy, individual can get lower price and much more choice which is a direct result of competition.
A monopolistic competition market structure gives the consumers more choice. A monopolistic competition market offers more producers and many consumers in the market, and no business has total control over the market price.
Producers driven by the profit motive seek to reduce their competition.
Ensure competition and protect consumers
perfect competition
perfect competition
Market Research has several categories. - Consumers (who is the target market?) - Competition (including Porter's 5 Forces of Competition). Other factors to evaluate in market research Political, Environmental, Sociological, Technological, and Economic.
Producers benefit from business competition by having to develop proficiency to a much greater level in providing their product or service to the market than they otherwise would have if business competition was lacking.
The importance of competition in the free market system is that it provides Freedom among consumers. For example if two businesses have a product and they both sell it at two different prices consumers will most likely go for the lowest price. This is because their free market economy produces pay attention to what consumers need and want and producers produce Goods accordingly
With a market economy, individual can get lower price and much more choice which is a direct result of competition.
A monopolistic competition market structure gives the consumers more choice. A monopolistic competition market offers more producers and many consumers in the market, and no business has total control over the market price.
Perfect competition ... @DeeWillMafia
International competition allow consumers to have more options when it comes to products. They also help prices fall because the market is more competitive.
Competition within industries motivates a market economy. With more options, consumers will spend money on the products they want, which will help the economy.