Competition improves consumer welfare if the competition is on features that improve consumer welfare. Without referees, competition can simply be on lowering

Competition improves consumer welfare if the competition is on features that improve consumer welfare. Without referees, competition can simply be on lowering costs and providing cheaper service. If demand is in-elastic (there’s only one Yosemite) then simply invoking competition isn’t going to be a solution. Without referees with teeth, the market can easily optimize for profit without giving a damn about anything else.