If in any one
period the competitive process comes to a halt it does not mean a failure of
the process. Disequilibrium – the real world condition – is characterized by
widespread ignorance, meaning that despite all the alertness that market
participants have they still are unaware of all of the opportunities that
exist. In this sense the competitive process is in a ‘potential’ state but as
soon as the opportunities are perceived they will be pursued in a most
competitive way.
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