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? asked in Business & FinanceOther - Business & Finance · 1 decade ago

why is competition necessary?

considering a business

Update:

i know why competion is important for consumers

but why is it important for a bussiness to have competion?

Update 2:

i know why competion is important for consumers

but why is it important for a bussiness to have competion?

2 Answers

Relevance
  • Chris
    1 decade ago
    Favorite Answer

    Competition keeps businesses innovative.

  • shipwreck
    Lv 7
    1 decade ago

    Without it you would be without incentive to improve or even offer decent service.

    Say you had a company like electric power where nobody else could serve your customers so you could charge as much as you wanted. Why would you care if your phone answering people were rude to the customers?

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