Competition and markets

Business competition, market power, prices, and barriers to entry.

Issue discussion in preparation.

Principles

A market needs workable competition and enforceable rules to discipline prices and quality.
Check barriers to entry, market power, information, and effects on customers before assuming competition exists.

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References

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What should be checked before assuming a market is competitive?

Only the number of product advertisements.

Whether businesses describe themselves as competitive.

Entry barriers, market power, available information, and customer alternatives.

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