BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Due to the high level of competition in an industry, prices would be more likely to be low. This is because producers would want to attract more consumers by fairly pricing their goods.

Detailed explanation-2: -It creates jobs and provides people with a choice of employers and work places. Competition also reduces the need for governmental interference through regulation of business. A free market that is competitive benefits consumers-and, society and preserves personal freedoms.

Detailed explanation-3: -In a purely free market, buyers and sellers arrive at prices based only on supply and demand. As such, buyers and sellers compete with one another and among each other to pay the lowest price (for buyers) or receive the highest price (for sellers).

Detailed explanation-4: -As the price of a good goes up, consumers demand less of it and more supply enters the market. If the price is too high, the supply will be greater than demand, and producers will be stuck with the excess. Conversely, as the price of a good goes down, consumers demand more of it and less supply enters the market.

Detailed explanation-5: -Basic economic theory demonstrates that when firms have to compete for customers, it leads to lower prices, higher quality goods and services, greater variety, and more innovation. [1] Competition is critical not only in product markets, but also in labor markets.