Competition

What would happen if there were no competition in the market?

• The prices of product would be outrageous.
• The prices would be same, if not continuously increasing.
• No variety of product bought.

Why is competition good?

• Balanced prices
• Prices always the same low, or decreasing.
• Variety of product in the market.

                        Competition plays a huge role in our market system. If there was no competition it would practically be a communistic system full of monopolies. Competition takes place in markets when two companies or sellers "fight it out" in the market to sell more than the other. This usual is seen in low prices, and in their advertisements. Once company or the seller might try to sell product for less money in order to get more sales sacrificing prophet but they get more business. The company or seller might also slash at the other company or seller in their advertisements

.