do you think progress is possible without competition???

Question

i want detailed answers!

Answer 1

Absolutely not.

Competition is a primary component of "supply and demand" economics. Demand is driven by differentiation from another product/service.

Differentiation can be something that's "better, faster, cheaper" than a similar product/service.

In order to be "better, faster, cheaper" you have to compete.

Any free market company (not those that are monopolies or oligopolies) are in competition and that competition drives improvements (or progress) to acquire more customers.

If this weren't the case we'd still be driving horse and buggies, watching black and white TV's and playing card games instead of X-Box.