Competition among suppliers tends to drive prices down; competition among buyers tends to drive prices up
This is further explained below.
Generally, In the field of economics, competition refers to a situation in which several economic enterprises vie with one another for finite products.
These companies are in competition with one another, and one way they compete is by altering various components of the marketing mix, such as pricing, product, promotion, and location.
In conclusion, in situations where there is competition between suppliers, prices have a tendency to decrease, and in situations where there is competition among consumers, prices tend to increase.
Read more about Market Competition
https://brainly.com/question/15143240
#SPJ1
