Market Competition

Market competition refers to the rivalry between businesses to attract customers and increase sales. It occurs in environments where multiple companies provide similar products or services, leading them to compete on factors like price, quality, and innovation. This competition benefits consumers by offering more choices and often lower prices. Companies strive to stand out, which can drive improvements and advancements in products and services. Ultimately, healthy market competition fosters efficiency and can boost overall economic growth, while monopolies can stifle innovation and limit options for consumers.