Description
Write a two page double spaced essay in which you discuss the importance of competition within an industry for consumers. Be sure to use the long run industry standards in your essay.

Explanation & Answer

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Running Head: COMPETITION
1
Importance of Competition to Consumers
Name:
Institutional affiliation
COMPETITION
2
Importance of Competition within an Industry for Consumers
In this respect, Competition refers to the rivalry between different producers within a
particular industry as they strive to win a better position in contributing, producing and
distributing products to their target market. Competition is the backbone of every growing
economy. Promoting competition among significant industries in a nation is one of the tools for
improving the well-being of the consumers. Consumers stand to gain the most when there is
greater competition within vital industries in the market. Consumers get to enjoy higher choices
and lower process amongst other benefits.
Some of the benefits that competition among industries brings to the consumers ...

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