asked 185k views
1 vote
How does competition affect producers and consumers

1 Answer

4 votes

The general consensus is that competition between producers lowers the prices for consumers as the producers compete for the business of the consumers and lower the price to stay competitive. Conversely, competition between consumers leads to increased prices set by producers as they can get a higher price out of consumers who are competing over a product.

answered
User Mehgan
by
8.4k points

No related questions found

Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.