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This statement is not true, and reflects a simplistic view of the link between the

number of competitors and the vigor of competition. Holding buyer power constant, competition can sometimes be fierce in markets that involve only a handful of competitors. Similarly, markets involving several competitors may have little or no effective competition. For example, despite the fact that there are relatively few providers of general aviation equipment, competition for new plane orders is often fierce and suppliers seldom earn above-normal profits. On the other hand, textile and agricultural markets involve thousands of competitors that are sometimes sheltered from import competition by trade barriers and government price support programs. To accurately assess the vigor of competition in any given market, one must carefully analyze market structure (including the number and size distribution of competitors), competitor behavior and industry performance.

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