Final answer:
Competition impacts consumer choices by offering more options, lower prices, and driving innovation.
Step-by-step explanation:
Competition impacts the choices made by consumers in various ways.
Firstly, competition leads to a wider variety of choices for consumers. When multiple firms compete in the market, they strive to differentiate their products and offer unique features or better prices to attract consumers. This gives consumers more options to choose from and allows them to select products that best meet their needs and preferences.
Secondly, competition often leads to lower prices. When firms compete with each other, they may lower their prices to attract more customers. This benefits consumers as they can purchase products at a lower cost, saving money in the process.
Finally, competition drives innovation. In order to gain a competitive edge, firms invest in research and development to create new and improved products. This constant innovation benefits consumers as they have access to better and more advanced products over time.