Why do we need competition in the market? Do you feel benefited or cheated by competition?

Answer 1

Think for a moment about the alternatives to competition. A monopoly would have no reason to keep prices reasonable. If they are the sole supplier then there's no reason they'd want to sell low.

And I really wanted to think of another example of a competition-less market... but I think monopolies pretty much sum it all up. To be successful these days in a competitive market you have to win the customer over with either your low price or high quality. Either way, the consumer wins.

Competition? I'm for it.

Answer 2

Competition is what keeps things priced so great! Why would anyone feel cheated by competition? Without competition, stores wouldn't offer what they call "guaranteed lowest pricing" which is when someone finds a price at one store, the competitor lowers their price lower so the customer will buy from their store. If we didn't have competition, stuff would cost a HELLA lot more than it does now...especially gas.

Competition between big oil companies keeps gas at a "reasonable" price, even if it seems really expensive, if there weren't any competition, prices would go sky rocketing to the point where people would barely be able to afford it...like ten bux a gallon!

We NEED competition, our economy is built on it! Without it we also wouldn't be the leading economic power in the worlD!!!!

Answer 3

Competition is good because it makes you strive to be the best. The more competition you have, the more you'll try to be the very best in your field.

Answer 4

It creates the best possible situation for the consumer since everyone will be competing for the consumer's business it sould only benefit us as a consumer.Everyone will drop their price to try to get you to come shop with them

Answer 5

say theres no competition to mcdonalds. they could sell burgers at 10 bucks a piece because no one else is offering lower prices. its too our own benefit