Question

Explain all the ways competition has an impact on the market

Answer 1

The competition on the market is something that has very positive impact on the consumers, but also on the whole world as a whole. When there is competition, the companies are producing products of higher quality in order to get advantage. Not just that the quality is improved, but also the prices go lower, so that the advantage can be even greater. The companies also have to be very creative and constantly come up with innovations so that they can be a step in front of the competition. This results in products of higher quality, cheaper, and constantly having new attractive products on the market.