and Mr. Coler.
Definition of trust..
Viewpoint of author.
Need of studying competition to understand com-
bination
Most writers assume free competition contrary to
facts of business life....
Prices often not fixed by competition...
In most trade an element of combination exists..
Nominal competition at times encouraged to prevent
Competition more nearly free in wholesale trade, but
the element of combination remains..
In manufacture the nature of goods determines the
character of the competition...
Goods, the quality of which can be readily tested and
which are uniform, compete in price...