Competition

Competition is rivalry among producers or sellers seeking customers, resources, or market advantage. It can shape prices, product quality, innovation, and the organization of markets.

Price competition: Rivalry in which firms use prices to attract customers or deter competitors. Price cuts are a direct way sellers contest customers and market share.
Monopoly: A market structure in which one seller supplies a product with no close substitute. A monopolist faces no direct seller rivalry within its market.
Consumer surplus: The difference between what consumers are willing to pay and what they actually pay. Lower prices and better options can increase the gains consumers receive from trade.
Competition policy: Government rules and actions intended to preserve or improve rivalry among firms. It uses legal and regulatory tools to address conduct that weakens competition.
Product differentiation: A strategy that makes a product distinct from competing offerings through features, quality, branding, or design. Distinct products let firms compete on more than price.
Oligopoly: A market structure dominated by a small number of interdependent firms. Few rivals make strategic reactions central to competition.
Productivity: The amount of output produced from a given quantity of inputs. Competitive pressure can push firms to use labor and capital more efficiently.
Antitrust law: Laws that prohibit certain restraints of trade and abuses of market power. Antitrust rules provide a central legal framework for protecting rivalry.
Market entry: The process by which a new firm begins operating in a market. The prospect of new sellers can constrain established firms before entry occurs.
Monopolistic competition: A market structure with many firms selling differentiated products and relatively easy entry. It combines rivalry among sellers with some control over product prices.

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