Generally, competition is very essential in a free market and without competition, there would be monopoly in the production of goods and rendering of services. And when there’s a monopoly, small business and start ups are destined to fail.
The cons to competition is more to the side of the business enterprises than it could ever be to the consumer or public. It becomes unfair for low capital and small scale businesses but in all, prevents a whole bigger threat that could affect a large number of persons.
Haven't existed some few weeks in a completely monopolised systems, it makes you to adorn competition and variety of products.
I recall a product from the early 2000s that chose not to sell in bits. They later met a competition in a product that operated same market that sold in bits and where able to meet the demands of low and high income earners and the other were soon running out of business until the started selling in bits.
The masses are at the end point of it all, beneficial.
Yes, the final consumers benefits the most from a healthy competition as businesses are forced to be creative and innovative or lose business. If you as a business aren’t willing to provide services that would attract low income earners and only cater to only high income earners, someone else would come by that would cater to the low income earners. That’s competition.
It keeps business on its toes and scrambling for ideas and innovations that would seem attractive and welcoming to all consumers.