ECN206 The Importance of Competition write a 2-page paper describing the importance of competition in markets. How does a lack of competition affect prices and output? Describe what the role of government is in markets vis–vis firms in the market. Requirements: 2 pages Answer preview             Competition refers to the rivalry between the firms producing similar commodities or offering services to achieve high ROIs and capture more outstanding market share. Competition is quite beneficial to all stakeholders, such as the firms and especially the consumers. For instance, it offers a […]