Final answer:
Quality is a necessary, but not sufficient, condition for competitive success. In markets with imperfect information about product quality, it can be difficult for a market to exist.
Step-by-step explanation:
The question is discussing the concept of quality and its importance in achieving competitive success. Quality is a universal theme that applies to various industries and markets.
It is necessary, but not sufficient, for competitive success because there are other factors such as pricing, marketing, and customer satisfaction that also play a role in achieving success.
In a market where information about product quality is imperfect, it can be challenging for buyers and sellers to engage in transactions. The presence of imperfect information can discourage participation and hinder the formation of a market.