Review:
Market Competition
overall review score: 4.5
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score is between 0 and 5
Market competition refers to the rivalry or contest between companies or businesses in a particular industry to attract customers and increase market share.
Key Features
- Multiple firms competing for customers
- Price competition
- Innovation and product differentiation
- Consumer choice
Pros
- Encourages innovation and product improvement
- Leads to lower prices for consumers
- Increases consumer choice
Cons
- Can lead to unethical practices by some firms
- May result in market saturation or price wars