You’re assuming there’s just one type of ‘widget.’ If you’ve cornered the market in ‘luxury’ widgets, someone else will make a ‘bargain’ widget and sell to tho

You’re assuming there’s just one type of ‘widget.’ If you’ve cornered the market in ‘luxury’ widgets, someone else will make a ‘bargain’ widget and sell to those with less money. Hotels are a good example. The luxury brands are competing for the wealthy. But, you don’t have to be a Ritz-Carlton to make money… indeed, you can often make more by selling rooms to the less wealthy (as there are more of them.) And, on it goes, all the way down to the Motel 6’s and the mom-and-pop motels.