Competition benefits consumers through lower prices and better products from "summary" of Basic Economics by Thomas Sowell
Competition between businesses forces them to constantly seek ways to attract customers by offering lower prices and better products. This benefits consumers because it means they can choose from a variety of options at competitive prices. Businesses must continuously innovate and improve in order to stay ahead of their competitors, which ultimately leads to better quality products being available in the market.
When businesses are in a competitive environment, they are motivated to keep their prices low in order to attract more customers. This results in lower prices for consumers as businesses strive to offer the best value for their products. If one business tries to raise prices too high, consumers can easily switch to a competitor offering a better deal, forcing businesses to keep their prices co...
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