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3 Cards in this Set
- Front
- Back
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Contestable markets |
Freedom to enter an industry and exit costs are low |
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Hit and run competition |
Firms enter a market at a low cost, attracted by high supernormal profits, and then leave the market at a low cost when profits fall |
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5 factors influencing contest ability of a market |
-Deregulation eg Royal Mail in 2005 -tougher laws on collusion Technological change eg internet -labour laws -patents |
