Competition remedies in consumer markets
When competition occurs in a market, firms strive to attract business by meeting the needs of
consumers more effectively than their competitors. This is mutually beneficial to consumers
and firms. Competition provides consumers with low prices, high quality, wide variety, and
innovative products. Firms are rewarded with more business and higher profits, presuming
they provide better goods and services than their rivals. To make markets work well, enough
consumers have to play an active role in finding the best deal. Even in a market with many …
consumers more effectively than their competitors. This is mutually beneficial to consumers
and firms. Competition provides consumers with low prices, high quality, wide variety, and
innovative products. Firms are rewarded with more business and higher profits, presuming
they provide better goods and services than their rivals. To make markets work well, enough
consumers have to play an active role in finding the best deal. Even in a market with many …
When competition occurs in a market, firms strive to attract business by meeting the needs of consumers more effectively than their competitors. This is mutually beneficial to consumers and firms. Competition provides consumers with low prices, high quality, wide variety, and innovative products. Firms are rewarded with more business and higher profits, presuming they provide better goods and services than their rivals.
To make markets work well, enough consumers have to play an active role in finding the best deal. Even in a market with many firms, if consumers stay loyal to just one firm, no firm will feel external pressure from rivals to perform better. Thus, even though the structure of a market may demonstrate that there are many potential competitors, if consumers are not proactive, they will not receive the full benefits from competition.
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