The importance of Market Competition is that such competition is completely necessary to regulate the market. Without such market competition, we would surely encounter unwanted interventions, for example those of the government. In other words, market competition is essential to achieve a free market situation.
The free market assures us that the price of goods is not agreed by a few. On the contrary, the coexistence of competition within the same market makes sellers and consumers regulate the price of such goods, this is economically called the law of supply and demand.Edit best answer History