It is readily accepted in modern times that vigorous competition is healthy for a country’s economy. As competitors focus their efforts on persuading consumers to buy their particular product or service, suppliers are obliged to live up to certain standards and to honor their warranties and promises, because failure to do so will send the consumer to their competitors. Competition also ensures that customers are getting the best value for their money, and antitrust laws enforced by regulating authorities prevents competitors from colluding to set prices.
