The Importance of Competition After reading chapters 5 and 6 and Special Topic 5, write a 2-page paper describing the importance of competition in markets. How does a lack of competition affect price

*** ********** ** *************************************************** ** CompetitionIntroduction ** *** **** ** the ******** literature ** argues **** *********** ******* ********* ******** ********* ** lowering *** ****** ** *********** ******** ***** ******* ***** *********** ******** ********* ** ********* **** ********* ******* to * great ******* ** products; ************ ******** plus ****** ********** **** ****** *** ************ ** *** ******* ** **** ** ********* ** the lifting of *** ********* ** ****** ******** 2012)This ***** ** ** ******* ** how **** of competition ******* ****** ** **** ** the **** ********** ***** ** ****** *** * Vis firm ** the ********* **** * **** ** *********** ****** ****** ** **** ** ******* **** there ** ****** ** ** *********** *** ********* ****** ***** *** ** **** *** ******* is ***** *** ****** ***** it has in ******* the ****** ** *** *********** lowering *** ******* *** *** ********* or ******** ************* ***** into *** ****** *** ******** **** *** *** *** ****** ***** can recognize **** ** **** ** ******* *** ****** ** *** **** ********* then **** **** ****** in *** **** of ******** for *** customers **** *** ******* ** existence ** a result of **** the **** **** *** up ******* ****** prices as well as ********* *** ********** ** ******** **** maximizing *** ******* ** society *********** ***** the ******* ****** *** ****** ***** **** level **** ******* ***** from the rivals ** well ** *********** **** high prices could ** ********** ******** ** the *********** **** are ******* towards ********** ***** sales On *** other hand *** monopolists could ****** *** ** upgrade the ********* quality or ******* ***** **** leave the ********* ** * ********* position **** if *** ****** was ****** competitors **** ** *** *********** ***** ****** **** ******** ** the pursuit ** efficient **** ********** ** Sir John ***** ****** ****** “The **** ** *** *** profits ** *********** ** ****** * ***** ******* **** ***** ** *********** ***** companies **** ******* the ********* ** *** **** manner that two companies ******* ******* **** other ** well ** ******** prices *** ******** *** consumers into ********** *** product businesses competing in ****** **** *** *********** ****** ******* ***** **** to * rise in ***** ** **** ** attracting **** retaining employees *** **** **** ****** ***** ***** ********** the ****** ** hiring *** ********* ***** ** ** * ******** ** ********** the ****** ***** ** *** short run The ******** power in ****** ******* could **** *** ******* results ** *** ******* restricting ********** and ********* ** wages below **** **** ***** have ****** ** *** competitive ******* *** ******* ** *** ********** towns ***** *** **** 19th *** **** ********* ***** *** ********* *** * ****** option ******* they **** ******** to **** ***** ****** thus ***** ********* by *** ******* ** *** short term Boal ****** ***** ******** ** monopsony power ** *** short **** ** coal mining ********* ***** ***** *** ******* towns ** early **** ** the long term **** appeared **** ********* were moving to **** ************* ********** ************* ** **** *** ***** are *** This ** * clear ******* of how the ******** of the ****** ***** ******* or ******* ***** assist in *** ********** ******* *** ****** ******** **** ** government is ** ******* vis-a-vis firms in the market *** ********** companies look towards ********* ****** ** shutting ** limiting markets *** *** **** as **** ** ********** ** ******* ********** *********** ** the *********** ** **** as being ******* ********** ******** the ********** *** ******** **** so to different issues Frequently they **** with the **** ** **** as the host ********** *** *** execution change ** ******** ********* **** as well ** **** ****** have *** ************ of ***** own versus both own particulars ** well ** ****** ********* **** ****** companies ** ******* with *** ***************** ****** **** ********* ** *** market ********* ****** ***** is competition ***** ********** ************* *** companies ***** ******* **** one ******* creating ** well as ******* ****** power for ******** ******* ******** to raise the ****** or through *********** ** ****** ** *** ********* ** ******* *********** ** growth ** wages *** *** ******************************************************* * ****** ********** *** ******** Monopsony ** ******************* **** Mining” *** **** ******* ** ********* 26(3): ************** * ***** Shapiro C ****** ************ ******* * ******* of ******** *** ***** *********** ******* ** ******** ************ 14(1): ************ * ****** “Competition *** *********** *** ***** *** the ******** Eye?” ** The **** & ********* ** ******** ******** ********* Josh ****** *** Scott ***** eds ******** ********** ** ******* *****