Does quality generally win in free and open market competition?

A free and open market is a market setting where there are no restrictions, or monopolies controlling it. Trade between buyers and sellers takes place freely and openly; this market setting ensures that buyers have a wide range of options.

The quality of products and services in the free and open market competition is not guaranteed and does not win. In a competitive market where every seller is trying to attract more customers while making more profits, the quality of products is compromised. Therefore, companies make substandard products, which have a lower production cost and sell them at a lower price compared to their rivals. Also, in an open market, the restrictions are minimal. It is, therefore, hard to control the moral virtue of sellers, in terms of the type of products they bring to the market.