Competition is a major driver of performance and innovation. It benefits everyone by giving us access to choose from an array of various products at affordable prices. Competition encourages the adoption of innovation as companies evolve and new ideas flourish in the marketplace. Competition can generally be referred to as the activity or condition of striving to gain or win, by defeating or establishing superiority over others for leadership or profit. In economics, it is the rivalry in which every seller tries to get what other sellers are aspiring for at the same time, which includes, but is not limited to, sales, profit, and market share, by offering the best practicable combination of price, quality and service. Where the market information flows freely, competition regulates and maintains the balance between demand and supply. Fair Competition is a situation in which the competition between companies or businesses is based on factors like quality, price and customer service, and not on practices which are condemned by the public or law like predatory pricing or bashing of competitors.
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