The central purpose of the federal antitrust laws is to preserve competition to the extent that competitive policy has not been displaced by direct governmental regulation or exemption.
Com- petition serves many ends. First and foremost, competition is thought to yield the highest output and lowest prices consistent with competitors’ ability to earn minimally profitable returns to their investments.
In addition, competitive processes substitute impersonal and hence more tolerable market decisions for the dic- tates of private decision makers, and for the governmental bureau- cratic controls to which unchecked private power may otherwise lead.
By controlling cartels and monopolies, moreover, competi- tion limits wealth transfers from consumers to capital owners. Fur- thermore, many believe that competition disperses business assets and broadens independent entrepreneurial opportunities, thereby improving the social and political climates. Finally, competition may promote innovation, at least to an extent.
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