question archive How does rivalry in the marketplace relate to the latter's economic competitiveness?

How does rivalry in the marketplace relate to the latter's economic competitiveness?

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How does rivalry in the marketplace relate to the latter's economic competitiveness?

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Rivalry refers to the intensity in which companies pressure other companies to gain more customers than them. Rival goods in the market refer to the items that, when consumed by a single consumer, prevent other consumers from consuming it. For instance, when a person is using a hammer, other people cannot use the hammer simultaneously. Rivalry and economic competitiveness are related to the market. For instance, economic competitiveness is a result of rivalry in the market. When firms sense rivalry in the market, they produce the same goods with a different quality to target the consumers. Besides, firms strive to lower the costs of goods and increase the quality to attract more customers.