why is the following a good answer to How does compeption reduce the cost of goods to consumers? Without competition, we would not have much of an economy. Keeping a competitiion between one another benefits both, citizens and businesses. With this on going "battle" between one another, companies will try to keep thier product at a lower price, competing with a similar business by having a lower price, offering a better product, or overall more quality, and this will more likely draw a inidivual to your product