Yup. There are laws on the books though like the Sherman Act, Clayton Act and Robinson-Patman Act that were passed in response to firms monopolizing industries

Yup. There are laws on the books though like the Sherman Act, Clayton Act and Robinson-Patman Act that were passed in response to firms monopolizing industries and coercing competitors. If firm gets to powerful they can do anticompetitive things that make the American economic system run by powerful oligarchs instead of a more democratic free market. Capital tends to concentrate so regulation is needed to keep the free market system intact. In other words an economy run by monopolies isn’t a free market.