With competition will certainly make us creative and produce innovative ideas, without competition, we are like in a glass that will not develop and always think of being the best, but when there are competitors, we will not be able to compete.
Competition surely brings out the creativity and innovation in producers. And without a healthy competition, goods produced would be of very low standard as manufacturers would definitely choose profit over the quality of goods produced. With competition, manufacturers and producers alike would now be forced to make standard and quality goods out of fear of losing customers to rival businesses. Thanks to competition
And it is because of this that companies themselves hate competition, without competition they can charge whatever amount of money they want for their products and there is nothing the consumer can do, especially if it is a product they really need, so companies are always doing everything they can to reach a monopoly status and if not to at least come to an agreement with their competition, both of those things are illegal as you may guess but companies do so anyway as many governments do not care about it and they can get away with it.