Task 2. Write down at least 3 advantages and disadvantages of market competition.

dvantages of market competition:1. Increased efficiency: Market competition encourages companies to be more efficient in order to reduce costs and increase profits. This leads to better quality products and services at lower prices for consumers.2. Innovation: Market competition drives companies to innovate in order to differentiate themselves from their competitors. This leads to the development of new products and services, as well as improvements in existing ones.3. Consumer choice: Market competition provides consumers with a wide variety of choices, allowing them to choose the products and services that best meet their needs and preferences.Disadvantages of market competition:1. Inequality: Market competition can lead to increased inequality, as successful companies may accumulate wealth and power, while less successful companies may struggle to survive.2. Environmental impact: Market competition may encourage companies to prioritize profits over environmental concerns, leading to negative impacts on the environment.3. Monopolies: Market competition can sometimes lead to the formation of monopolies, where a single company dominates the market and can set prices and control supply. This can lead to higher prices and reduced consumer choice.