Recent history has demonstrated that we may have to alter our longstanding conception of the process actuated by competition. The price variable, once perceived as the dominant aspect of the process, is now subordinate to the competition of the new product, the new business structure, and the new technology. While it can be assumed that in a highly competitive industry not dominated by single corporation, investment in innovation—a risky and expensive budget item—might meet resistance from management and stockholders concerned about cost-cutting, efficient organization, and large advertising budgets, it would be an e美国GREgious error to equate the monopolistic producer with bountiful expenditures on research. Large-scale enterprises tend to operate more comfortably in stable and secure circumstances, and their managerial bureaucracies tend to promote the status quo and resist the threat implicit in change. Moreover, in some cases, industrial giants faced with little or no competition seek to avoid the capital loss resulting from obsolescence by deliberately obstructing technological pro美国GREss. By contrast, small firms undeterred by large investments in plant and capital equipment often ag美国GREssively pursue new techniques and new products, investing in innovation in order to expand their market shares.
The conglomerates(联合大企业) are not, however, (注意作者态度大负小正，千万别犯晕!!)completely except from strong competitive pressures. There are instances in which they too must compete with another industrial Goliath, and then their weapons may include large expenditures for innovation.
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