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What benefits do consumers receive as a result of competition in private sector markets?
Wiki User
∙ 12y ago
Suppliers compete for consumer's business and has to outperform each other with respect to:
- quality of product and/or service,
- product price,
- ease of obtaining the service or product,
- utility of the product or service,
- after sales service, etc.
All these aspects ensures a better consumer experience.
In the absence of competition, the consumer is alone in negotiating with the supplier, who then has a monopoly.
Wiki User
∙ 12y ago
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Economic system based on free markets and private property?
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