Companies can just raise prices without consequences? Is that free market competition in action? Snark aside. I've always heard the idea was that free markets

Companies can just raise prices without consequences? Is that free market competition in action? Snark aside. I've always heard the idea was that free markets and competition would drive down prices, and that if a company was to just raise their prices, they would actually lose money because people would buy from a competitor with better prices. Turns out companies can just raise prices though. What does it mean when the things that happen in a healthy free market aren't happening?