the importance of competition in an economy

Importance of the competition in an economy.

There are many brands and companies out there in the market that sells the same product, right? We all know that they are competitors. But have you ever thought about them. What will happen if there was no competition. Just one company for one product. And simple. Obviously that's what communism is. But I am talking about a market economy. In a market economy competitors play a really valuable role that we don't see often. So today let's see what is the importance of competitors for an economy.
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So we are talking about, are competitors important in a market?, What is the importance of competitors in a market, market economy?, communism?, what if there were no competitors in a market?, economic details? economic description show. *Disclaimer* "This content is only for entertainment purposes. These are not financial advices. Any of these information could be wrong or distorted. We can't certify these information are 100% true. But we try our best to bring you correct information"

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