Market competition refers to the rivalry among businesses to attract customers and increase sales. When multiple companies offer similar products or services, they compete on factors like price, quality, and customer service. This competition encourages innovation and helps consumers find better options, as businesses strive to meet their needs. In a competitive market, companies like Apple and Samsung constantly improve their smartphones to win over buyers. This not only benefits the businesses but also leads to lower prices and improved features for consumers. Ultimately, market competition drives economic growth and enhances the overall shopping experience.