Bonus Quotation of the Day…

(Don Boudreaux)

Tweet

… is from page 37 of the original, 1982 edition of Dominick Armentano’s excellent but regrettably neglected volume Antitrust and Monopoly: Anatomy of a Policy Failure (original emphasis):

It is only because consumers find resources satisfactorily allocated that potential competitors find entry difficult or impossible. Product differentiation, especially a differentiation that increases prices, can act as a barrier to entry only if consumers prefer that differentiation, and are willing to pay the presumably higher prices associated with, say, new annual auto style changes.