STEPS TO WRITE ESSAY 💡MAIN POINTS💡OVERVIEW
I. Introduction
A. Definition of a competitive market
B. Importance of discussing whether or not consumers benefit from a competitive market
C. Thesis statement

II. Why consumers might benefit from a competitive market
A. Consumers have some power
B. Lower prices
C. Higher quality
D. Increased choice
E. Goods and services readily available

III. Why consumers might not benefit from a competitive market
A. Firms may be too small to take advantage of economies of scale
B. Firms may not have much profit to invest in research and development
C. Wasteful duplication
D. Wasteful expenditure on advertising
E. Reduction in quality because of cost-cutting
F. Too much choice, taking time to make decisions
G. Consumers may benefit more from monopoly where economies of scale result in lower prices than in a competitive market

IV. Conclusion
A. Restate thesis statement
B. Summarize main points
C. Final thoughts on whether or not consumers benefit from a competitive market.