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If two web sites are optimized on the same keywords or keyword phrases an one has a higher PageRank the web page with the higher PageRank will appear before the other competing page. But if a web page uses a keyword phrase that has little or no competition and someone searches on that keyword your page may appear at the top of the search regardless of the Google.PageRank.

We recommend that you read the book Search Engine Optimization for Dummies by Peter Kent. Peter does an excellent job of explaining PageRank and Page Value.
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