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Wayne Brough explains how the robust threat of competition keeps firms eager to please their customers. A competitive market results in lower prices and a higher quality of goods for consumers, and it prevents firms from being able to abuse market power. But when monopolies occur, there is no competition, and the consequences can be very dangerous.
Wayne T. Brough is the Chief Economist and Vice President of Research at FreedomWorks. He received a Ph.D. in economics from George Mason University, with fields in industrial organization and public choice. Dr. Brough previously worked at the Office of Management and Budget, focusing on transportation regulations; the United States Agency for International Development, focusing on market reforms in Africa; and in the research branch of an investment bank, where he covered U.S. domestic policies. He has testified before Congress and regulatory agencies on a number of issues.
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