Overview

contestable market

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incumbent firm

incumbent firm  

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A firm which is already in position in a market. In a contestable market, where the goods produced by different firms are homogeneous and there are no sunk costs, there is complete symmetry between ...
potential competition

potential competition  

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Competition from possible as well as actual rivals. If an industry has constant returns to scale and freedom of entry, potential competition is a powerful deterrent to monopolistic conduct by ...
sunk costs

sunk costs  

1. (sunk capital) Expenditure, usually on capital items, that once having been incurred can be included in a company's books of account as an asset, although this value cannot be recovered.2. In ...

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