a) Contestable markets

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Last updated 9:29 PM on 6/28/26
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4 Terms

1
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  • define competition

  • define contestability

  • number of firms in a market

  • strength of the barriers to entry/exit

2
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  • characteristics of contestable markets

  • no barriers to entry and exit

    • no sunk costs

  • no disadvantages

  • perfect information

  • hit-and-run competition

    • firm enters market → extracts supernormal profit → leaves

3
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  • n/a

  • n/a

4
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  • n/a

  • n/a