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does competition in the marketplace help or hurt societal welfare? why or why not? (chapter 5...

does competition in the marketplace help or hurt societal welfare? why or why not? (chapter 5 Economics 3rd edition)

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Answer : From my point of view , competition has always been result in bringing welfare in the society at large because firms has been compete on the basis of various price and non- price factor as well as resulted in a welfare of the consumers as follows :

  • Helpful for consumer as they are provide better product with lower price available to them.
  • Wider choice available with the consumer
  • Growth of an economy has been taken place when there are various seller and compete each other as well as better utilisation of the resources in best possible manner.
  • Unemployment has been decreased as a result new industry has been developed.
  • Standard of living has been increased a lot
  • Efficient utilisation of resources in best suitable manner.
  • Procurement of resources in best way for social welfare.
  • Society has been developed and fully availability of resources in best possible manner.
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