In EC0100. we’ve learned about the economic benefits of competition. Under competition, multiple sellers try to convince consumers to buy their products. Buyers tend to have better options and pay lower prices when they can choose from multiple sellers rather than a single seller. Competition among sellers helps to ensure that a society’s scarce resources are used efficiently.
As you think about the role of economics in your personal and professional life. it’s important to understand how competition among sellers impacts you.
In at least one paragraph, complete the following:
1. Describe a time when you were able to compare products or prices before making a purchase. 2. Explain how having multiple options to choose from help you buy a better product or pay a lower price.