I don't want to believe that it's an article of faith for me :) I've heard convincing arguments for it, and the arguments against market monopolies haven't ever been satisfying. But, I also haven't taken a survey of all monopolies or wannabe-monopolies in history. Yeah, my view on monopolies comes from the base assumption that: "It's never cost-effective to try to interfere with the competition by either buying them out or by a price war." The awesome American example of it is from Dow Chemical vs. Bromkonvention (short description:
http://www.investopedia.com/ask/answers/09/dow-chemical-brom... ) and this is a longwinded account in favor of Standard Oil (and to be honest, I'm jumping around in the article as I'm reading it):
https://www.theobjectivestandard.com/issues/2008-summer/stan...For "buying out the competition", the idea is that: If company A with market dominance wants to maintain market dominance by buying out the competition, it'll always come at a bad deal. People who are starting new companies that do the same thing will be able to hold out for a price that makes selling worth it, which probably means that it's a bad deal for company A.
At the same time, the person running the upstart company B can stay in business if they're willing to take fewer profits. Company A should be making lots of profits, if they have economies of scale. But if Company A takes any more profit than the difference in the benefit of having an economy of scale, then there is an opening to a competitor. If we start with Profit=Revenue-Cost / P = R - C, then if (Pa - Pb) > CostReductionFromHavingAnEconomyOfScale, then there is space for a small competitor to come in and make some profit.
Sorry for going on that tangent--- I know that wasn't your main objection, but I wanted to back up my assumptions.
The "misleading advertising" is a new angle I haven't thought of too much, but I would hope that consumers and organizations like Consumer Reports would be able to cut through the bullshit and get the product that's actually the best value. And I feel like, with the pervasiveness of aggressive advertising/marketing, most people, especially people who guide purchasing decisions in households & businesses, are able to look at it with a sharper eye. Not always an accurate eye, but sharp enough to be somewhat guided towards the direction of better value. The way that this applies to the recent election is that I think the effect of "fake news" is pretty overblown.