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This does not explain anything.

The natural end condition of an unregulated market is a monopoly. That is why we need regulation.

So, something is operating to provide implicit regulation. In this case it seems like chaos serves that role. Monopoly relies on a self-ordering property common to most market conditions.



The explanation GP provided is extremely low cost of entry. An agent doesn't even need an office. Here is my country many agents go free wheeling with a phone number and a bike. All they need is some connections with homeowners and they're off to business.




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