How Competition Works - Consumer Information

FTC Fact Sheet: How Competition Works C ompetition in the marketplace is good for consumers and good for business. Competition from many different companies For example, your aunt or grandmother probably grew up listening to music played on a bulky cassette or CD player. They might and individuals through free enterprise even remember vinyl records or eight-track and open markets is the basis of the tapes! Innovation made those players obsolete. economy. When firms compete with each Now people maybe even your parents are other, consumers get the best possible downloading music from the Internet onto prices, quantity, and quality of goods and small digital audio players. You might have services. Antitrust laws encourage companies a digital media player that lets you listen to to compete so that both consumers and music AND watch music videos and movies. businesses benefit. Adults today probably never dreamed of One important benefit of Competition is a anything like that when they were kids.

to the consumer. Competition also can help businesses identify consumers’ needs—and then develop new products or services to meet them. For example, your aunt or grandmother probably grew up listening to music played on a bulky cassette or CD player. They might even remember vinyl records or eight-track tapes!

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