Final answer:
The business competition effects on profits, employment, and consumer benefits at the college level. It highlights the dual impact where some businesses fail due to competition, while others thrive, ultimately suggesting national gains outstrip losses.
Step-by-step explanation:
The provided information pertains to the impact of competition in a business environment. Specifically, it illustrates how competition from other firms offering better or cheaper products can reduce a business's profits and may lead to a business's failure, resulting in the loss of income or jobs for the workers. On the flip side, it denotes that when consumers receive better or less expensive products due to competition, this can result in increased profits for the competitive businesses and more income for their employees.
The passage suggests that despite the losses suffered by some businesses and employees, the gains outweigh the losses for the nation as a whole. Furthermore, the text implies that the laws of supply and demand might not always hold if other factors are not held equal.