Many economists would view market competition as supporting the invention of new technology because it provides short-term above-normal profits.
What is market competition?
An incumbent is encouraged to improve better quality, lower price, more services, increased innovation, etc. in order to maintain its competitive advantage when rivals pose a major threat to it.
Inefficient enterprises suffer from consumer disapproval, whereas creative and efficient ones are rewarded. market competition are good the customer as they get the goods in reasonable price.
Thus, it provides short-term above-normal profits.
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