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It depends. Two political philosophers, Adam Smith and Karl Marx, had differing opinions on this matter. Adam Smith was the founder of capitalism and believed in what he called "the Invisible Hand". This meant that competition would eventually result in innovation as one group tried to beat the other and would ultimately further society's interests. Karl Marx is the father of communism and believed that competition, and eventually capitalism, would lead to the exploitation of the working class. Not to mention it causes stress and "arms races" where people would be too obsessed with victory or beating the other person at something. Look up the "tragedy of the commons" from economics.
What else can I help you with?
Is a monopoly good or bad for consumers?
Monopolies are typically considered bad for consumers.
How do consumers benefits from competition among business?
competition leads to lower prices
How do consumers experience excess demand in the market?
Consumers experience excess demand in the market when the quantity of a good or service demanded by consumers exceeds the quantity supplied by producers. This can lead to shortages, higher prices, and competition among consumers for the limited available supply.
Why is competition in business considered to be good?
Competition in business is considered to be good particularly to keep the business current with its prices and quality of workmanship. Business know that consumers are smart and will shop around for the best of both price and workmanship.
Which describes a situation where competition between producers exist?
two or more producers are trying to sell the same good or service to the same consumers
Is the EU good or bad for the US?
All competition is good.
Is it bad to have political competition?
it is bad because in this so many dirty tricks are used to win the vote. even the good leaders are never come to this competition.
Is competition a good or bad thing?
Dr.Pepper is the best soda ever
Is a monopoly good or bad for consumers?
Monopolies are typically considered bad for consumers.
How consumers benefit from competition among businesses?
competition leads to lower prices
How do consumers benefits from competition among business?
competition leads to lower prices
How do consumers experience excess demand in the market?
Consumers experience excess demand in the market when the quantity of a good or service demanded by consumers exceeds the quantity supplied by producers. This can lead to shortages, higher prices, and competition among consumers for the limited available supply.
What gives consumers more options?
Competition
Why is competition in business considered to be good?
Competition in business is considered to be good particularly to keep the business current with its prices and quality of workmanship. Business know that consumers are smart and will shop around for the best of both price and workmanship.
What is good effect of competition?
Good: Harder workers Bad: Stress and self-esteem issues (Stress kills)
What level of competition is most beneficial for consumers?
oligopoly
Is Competition bad in your society?
Competition is normally welcome in tons of American societys and im sure all over the world. Not only is competition fun but its a way for striving players that want to make it to the big time to get better. There are always going to be people who have bad tempers when they face competition but usually competition is a good thing.
