Is Competition That Important? Can’t We Just Play Fair?

Is Competition That Important? Can’t We Just Play Fair?

Caitlyn Jones, Honorbound. The answer is no. We in fact cannot, and should not, play fair. In economics, “competition” is the rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying price, product, distribution, and promotion. Competition is crucial in our economy because it forces lower prices, … Continue reading