competition

Competition refers to the activity or quality of making one’s product or service stand out amongst the target audience of consumers compared to other businesses and organizations in the industry. When multiple companies with comparable products are competing for consumer support, they may attempt to lower their costs to be most desirable or improve the quality of their content to garner the most support. Antitrust laws help ensure that companies compete against others, rather than being the sole face in the industry as a monopoly. Competition sparks increased variety and innovations within a market, besides helping to maintain fair price points and quality products.