Economics : Competition

Running head: COMPETITION1CompetitionStudent NameUniversityCourse TitleDateCOMPETITION2CompetitionThe Impact of the Lack of Competition on Prices and OutputsIn a marketplace, competition is the phenomenon that occurs when two or severalfirms propose similar or substitutable ranges of products or services (Gu, 2016). In anymarket, competition plays a significant and affects the prices, quality, and quantities of thegoods and services available.Competition is a phenomenon leading two or several firms to engage in commercialand technological battles to attract more customers and win new market shares. One of thelevers used to meet this objective is pricing. In competitive markets, companies tend toemploy cost-effective processes and solutions to lower the costs of the goods proposed to theend-customers (Hainmueller, Hiscox, & Margalit, 2015). Also, in competitive markets, theprices are implicitly regulated by the pricing structures of the competitors (Hainmueller,Hiscox, & Margalit, 2015). In other words, a company cannot sell a product at $100 while itscompetitors sell the same product or similar products with the same quality standards at $30.This first ...


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