Competition benefits consumers from "summary" of The Economic Naturalist by Robert H. Frank
In a world of limited resources and unlimited wants, competition plays a crucial role in ensuring that consumers get the best possible deal. When companies compete with each other to attract customers, they are forced to improve the quality of their products and services while keeping prices low. This benefits consumers in several ways.
Firstly, competition encourages companies to innovate and develop new technologies in order to stay ahead of their rivals. This constant drive for improvement leads to better products and services being available to consumers. For example, in the smartphone market, companies like Apple and Samsung are constantly releasing new models with advanced features in order to attract customers and outdo their competitors.
Secondly, competition helps to drive down prices. When companies have to compete for customers, they are motivated to offer their pr...
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