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Contestable Markets and american muscle coupon code 2014 the Theory of Industry Structure.
Baumol, holds that there are markets served by a small number of firms that are nevertheless characterized by competitive equilibria (and therefore desirable welfare outcomes ) because of the existence of potential short-term entrants.
Instead, the degree of contestability of a market is talked about.
Thus, for example, a monopoly protected by high barriers to entry (for example, it owns all the strategic resources) will make supernormal or abnormal profits with no fear of competition."Baumol.'s plea for removal of artificial barriers to entry and exit is to be applauded.Thanks, The MyTutor team.An incumbent firm having more knowledge and access to a technology for the production of a commodity could enjoy higher economies of scale in the form of lower average cost of production.However, in the same case, if it did not own the strategic resources for production, other firms could easily enter the market, which would lead to higher competition and thus lower prices.Because of that, even a single-firm market can show highly competitive behavior.6 Baumol himself argued based on the theory for both deregulation in certain industries and for more regulation in others.However, if the new firm cannot use or transfer the new machines that it bought for the production of steel to other uses in another industry, the fixed costs on machinery become sunk costs so if there are sunk costs in the market, they impede.If, for any reason, the new firm could not cope up with the competition of the incumbent firm, it will plan to move out of the market.The Theory of Contestable Markets.A contestable market theory is an economic concept that refers to a market in which there are only a few companies that, because of the threat of new entrants, behave in a competitive manner.That would make the market more contestable.A perfectly contestable market is not possible in real life.It is very important for firms to have access to the same level of technology as that helps determine the average cost of the product.
For example, if a new firm enters the steel industry, the entrant needs to buy new machinery.
5 The theory of contestable markets has been used to argue for weaker application of antitrust laws, as simply observing a monopoly market may not prove win free stuff co nz that a firm is exploiting its market power to control the price level.