How would you define "lessening competition"? How would you determine whether competition is being lessened given your definition? Is it possible that competition is not being lessened? Traditional definitions - decrease in number of firms competing in market and higher prices; collusion, allocation of market shares and higher prices; increase in market share of one or two largest firms and resulting higher prices; increase in entry barriers and higher prices - Higher prices - increase in input prices - Decrease in number of firms - small number of firms succeed in creating competitive advantage, and surviving firms change over time - Entry barriers can be overcome by new firms developing new business models and creating new competitive advantages