Except there's no evidence of that happening anymore. And a desire for profit is not the same as an undying and unchallenged devotion to profit. When you reach that point the consumer loses quality and bargaining power as the company's market share grows. There are plenty of talking points that support greed nicely, none of which are rooted in reason.
When a company's products decline in quality, the consumer starts to buy a competitor's products, and the profits are hurt because of the mistake. Competition is the goal of a free market system; I've always said that there should be laws prohibiting monopolies.
Yeah, that's all well and good in a free market, not a market where the companies that can curry the most favor among influential figures are allowed to corner markets, manipulate supplies, abuse market power, and get away with all of it by stacking federal programs of oversight. The executive branch needs to execute the law in order for the market to be free and fair. Markets operate on derivatives and market gambling that manipulates the market into bubbles that cause direct, drastic, and manufactured strain on the people forced into supporting it by a weak job market. A weak job market that rewards offshoring work and reducing business to a purely profit-based operation. They seek lower wages, settle for lesser quality, manufacture false demand, and purchase political support to do it. Competition is impossible when the law isn't applied properly.