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In: Economics

Explain the benefits consumers enjoy from competitive markets

Explain the benefits consumers enjoy from competitive markets

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Ans:-Several manufacturers providing consumers with the goods and services in a reasonable price is called a competitive market.The major benefits of consumers from the competitive market is charging low price to the products,providing good quality product and many choices of goods and services for consumers.Competitive market are always open and free market with the help of antitrust law.The high quality product and and low price is one of the best benefit of consumers.Another thing is that competition market create more innovations that help the consumers for getting new product with new features because the consumers are always searching with new product with special features .A perfect competition market help the consumers with high quality product and low priced product.So a good competition, an economy will control at maximum productivity or efficiency and also manufacturer will have to produce goods at competitive quality. These are the benefit enjoying customers from competitive market.

Rahul Sunny answered 2 years ago
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