There is evidence that in the United States, markets have become more concentrated and perhaps less competitive across a wide array of industries: four beef packers now control over 80 percent of their market, domestic air travel is now dominated by four airlines, and many Americans have only one choice of reliable broadband provider. When firms compete to attract workers, they must increase compensation and improve working conditions. Competition is critical not only in product markets, but also in labor markets. Basic economic theory demonstrates that when firms have to compete for customers, it leads to lower prices, higher quality goods and services, greater variety, and more innovation. Healthy market competition is fundamental to a well-functioning U.S.
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