Explain how competition in the marketplace spreads new technology, lowers prices, and results in higher efficiency for manufacturers

Competition might be seen a threat for many companies but it is beneficial for the end customer.

Explanation:

When there is free competition in the market, customer have a lot of choice. E.g. if they want to buy a car, they can buy it from either Company A,B,C etc.

Since every company is working towards making the highest profit, they will try to provide different incentives to attract customers.

Company A might decide to lower prices of their cars, while company B might invest in a new feature to attract customers.

Company C, might not have the capacity to do either and might work on improving their manufacturing process and make themselves more efficient, to reduce costs and stay in the market.

Free market competition provides better choices, innovation and lower prices for the customer.

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