Why do we need competition in the market? Do you feel benefited or cheated by competition?

I feel actually benefited! My competition let me perform better, because I constantly have to exceed in their brilliance! So I get inspired by them and then just have to improve on it!

Therefore I say we do indeed need competition in the market, it offers improved and quality products to the users and promotes outstanding services.

I must admit though, how much nicer could it be to have the monopoly!

competition keeps prices low and in the range of what products are really worth. While this doesn't necessarily benefit the business owners the consumer if paying a more accurate value for the item or service. Just think, if there were only one cell phone service provider out there, say cingular, they'd charge extortion-like fees; it's the presence of competitors like t-mobile and verizon that keep prices low.

Competiton is the invisible hand that keeps prices in check, imagine for a moment that the ice cream parlor in your town had no competitors, they would charge you $ 50 for a chocolate ice cream cone...and so on.

Competition is good because it makes you strive to be the best.

This sounds like a question on a homework assignment.