alt Hacker NewsMy 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.
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An Audi typically requires more maintenance and repair than a Toyota though. You’re not paying for quality (as in durability/longevity)
The upper end of a lot of these product categories is often populated with overpriced junk that's popular for conspicuous consumption reasons. Clothing is the prime example, but a lot of modern fine dining is also trash (who actually enjoys eating flavoured foam?). So there's actually three races: lowest price, highest quality, and highest brand value.
That doesn't make any sense. The most expensive cars are also the least reliable. Rich people have multiple cars so when the Bentley has an electrical glitch they just drive the Porsche.