Question

How is competition beneficial for the firms?​

Answer 1

Explanation:

Vigorous competition requires businesses to strive to lower their prices and improve the quality of their products and services. Competition stimulates firms to lower their own costs and run their businesses as efficiently as possible.

Answer 2

Not only is this good for consumers - when more people can afford to buy products, it encourages businesses to produce and boosts the economy in general. Better quality: Competition also encourages businesses to improve the quality of goods and services they sell – to attract more customers and expand market share.

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