Which of the following is a result of competition in a market?

Competition in a market typically drives firms to improve their efficiency and reduce costs in order to attract customers. This dynamic often leads to lower prices for consumers. Firms are motivated to innovate and enhance their products or services to distinguish themselves from competitors, which can also contribute to increased efficiency within the industry. As firms strive to maintain or gain market share in a competitive environment, they seek ways to optimize their production processes and reduce waste, leading to overall improvements that benefit consumers through both lower prices and better quality products. Consequently, in a well-functioning competitive market, consumers are likely to experience increased efficiency and lower prices as a direct result of competition.