Question

why is competition
important in the market?

Answer 1

This encourages enterprise and efficiency, creates a wider choice for consumers and helps reduce prices and improve quality. ... 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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Answer 2

Answer:

Comptetion is important in the market because if there is no competition in the market then the company which is famous will not lauch more and better products because there is no competition. But if there is competition then other companies will keep making better products to come up in the market and market will become better, there will be more and better choice for customers.

Explanation:

Hope you get my point.