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Except that price must be below what competitors will offer.
by wbl 10y ago
Except that price must be below what competitors will offer.
- chasing 10y agoNo. This is the problem with monopolies. They use other advantages to win markets without competing on price, features, or innovation. It's harmful to consumers.
- xapata 10y agoA monopoly by definition has no competitors.
- wbl 10y agoYes it does! It has all the competitors that could and would be started if prices rose.
- xapata 10y agoYou're counting hypothetical competitors? So how do you propose measuring how many competitors there are in a particular market? With that definition, there are an infinite number even if I can currently purchase from only one vendor.