alt Hacker NewsCompetition partially causes this though. When you have 100 brands selling the same thing it became a race to the lowest price.
Competition partially causes this though. When you have 100 brands selling the same thing it became a race to the lowest price.
My experience is competition invokes two races happening at the same time, one for lowest price and one for highest quality. You can get a cheap car or really high quality car. Same goes for clothes, restaurants, basically anything where there is lots of market choices and competition.