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Why did some people believe that lack of competition would hurt consumers?
Wiki User
∙ 11y ago
Theoretically, competition keeps prices low because various firms vie for the business of consumers. When they compete, they attempt to win a larger market share by lowering prices. Therefore, if competition is lacking, prices will increase.
Take a monopoly for example. No competition means they can set really high prices.
Wiki User
∙ 11y ago
Dakota Breckenridge
Theoretically, competition keeps prices low because various firms vie for the business of consumers. When they compete, they attempt to win a larger market share by lowering prices. Therefore, if competition is lacking, prices will increase.
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