Description: Are monopolies truly a problem in a free market?Competition is seen as a continuous process in a free market. This book comprehensively explores the competitive process in its two mechanisms, the transfer of market share from one rival to another, and innovation of a new product, new method of production, new market opening, or new source of supply of raw materials. The Economics of Competition uses the South African pharmaceutical industry as a case study to challenge accepted economic and regulatory views on competition and monopoly, then re-establishes and emphasizes the importance of foundational economic principles. The effects of public policy, legislation, and pricing regulations are discussed in detail. The book has several tables and figures to enhance clarity and is extensively referenced.This detailed examination is designed to be useful and informative for scholars and practitioners of competition (antitrust) law, microeconomics, industrial economics, industrial organization, managerial economics, and marketing strategy.