The Importance of Competition in Markets

The video discusses the importance of competition in markets, highlighting its role in providing more choices, better quality, and lower prices. It explains how competition can prevent monopolies, which lead to higher prices and inferior products. The video also covers different types of competition, including price and non-price strategies, and describes market structures from perfect competition to monopoly. It emphasizes the need for government intervention to break up monopolies and support free market competition, ultimately leading to innovation and higher living standards.

What strategies can a new business use to compete in a market with established players?

Explain the difference between perfect competition and oligopoly.