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Date: 2019-07-17 Page is: DBtxt001.php list0300-Competition-1

Definitions for TrueValueMetrics
Competition

A market based economy assumes robust competition ... but a profit maximizing rich economy with a high concentration of economic power never has much effective competition.

In contrast a poor economy with disorganized ... haphazard ... supply, and with a multitude of individual buyers is a market economy, and the market efficiently reflects market equilibrium.

Many of the characteristics of a modern economy reduce competition:

  • Regulation makes it more difficult to have many different items in the market to do the same function ... and competition is reduced

  • Intellectual property sometimes gives a product a monopoly position ... whether or not it is justified

  • Branding makes the market ineffective ... an identical product that is unbranded does not compete as a similar product, but as something that is different. This diverts profit to the brand ... but does nothing to the inherent value of the product.



The text being discussed is available at


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