Competition among businesses to supply goods and services is good for the consumer. It allows them to choose how to spend their money in order to get the best deal. In economic terms, it results in higher levels of output and lower prices. If only one manufacturer produces a product (for example, widgets) it can set the price at which the product is sold. It can set a high price and sell a small amount of the good at a high profit per unit or set a low price and sell a larger amount at a lower profit per unit. Economists refer to this control as 'market power'.
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