Question

How do consumers MOST BENEFIT from perfectly competitive undifferentiated market compared to a monopolist competition?

Answer 1

The way in which consumers most benefit from a perfectly competitive undifferentiated market compared to a monopolist competition is that this kind of market will produce lower prices.

An increase in the number of choices as well as the amount of marketing can be considered consumer benefits of a perfectly competitive market in that the increased competition will force companies to expand into new products and invest more towards marketing in an effort to attract consumers, thus making it easier for said consumers to find their desired product.

on the other hand, a monopoly is when a single controlling entity has ownership of all or almost all of the producing companies for a specific product, causing an absence of competition and thus eliminating the need for competitive pricing. Though the benefits mentioned before are good for consumers, the greatest benefit is in the reduction in prices caused by a competitive market, allowing much greater access to a wider variety of goods for all of the economic classes.

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