There are several benefits of competition, including:
1) Lower prices - In a competitive market, businesses are constantly trying to undercut each other's prices in order to gain market share. This drives prices down for consumers.
2) Greater innovation - In a competitive market, businesses are always trying to come up with new products and services in order to stay ahead of the competition.
3) Higher quality - In a competitive market, businesses are forced to provide high-quality products and services in order to stay ahead of the competition. If they don't, consumers will quickly switch to a competitor.