> Does that mean every vendor of anything is potentially a bad actor
Yes, of course they are. Left unregulated they will form cartels. As Adam Smith said, "People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices."
They will try to raise barriers to entry as well, to limit competition. They will try to increase sales by many means.
They may be ethical enough not to do all that, but the potential is definitely there.
Are cartels inherently unethical? The US government approves of and protects certain cartels (e.g. unions, hospital systems, defense contractors).
If anything, cartels thrive under heavily regulated and dirigiste economic systems, where as in an unregulated market a cartel would eventually lose to a competitor or succumb to infighting.
Yes, of course they are. Left unregulated they will form cartels. As Adam Smith said, "People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices."
They will try to raise barriers to entry as well, to limit competition. They will try to increase sales by many means.
They may be ethical enough not to do all that, but the potential is definitely there.