Competition is an economic process of interaction, interconnection and struggle between the enterprises acting on the market in order to provide better sales opportunities for their products, meet the needs of customers and obtain the greatest profit.
Competition Situation in Lithuania From Theory to Practiceijtsrd
Competition is the competition between manufacturers, consumers and other economic actors for markets, goods and other resources. Competition occurs when, in a single sphere trade, production, distribution of goods or other activities, there are several entities engaged in the same activity. Article analyzes concept of competition, competition advantages and disadvantages, competition situation in Lithuania. Margarita Isoraite "Competition Situation in Lithuania: From Theory to Practice" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-6 , October 2019, URL: https://www.ijtsrd.com/papers/ijtsrd28033.pdf Paper URL: https://www.ijtsrd.com/management/marketing-management/28033/competition-situation-in-lithuania-from-theory-to-practice/margarita-isoraite
The document discusses the growing role of economics in competition law assessments. It notes that competition law is concerned with studying markets and ensuring competition benefits consumers. Applying competition law involves identifying markets, assessing competition, and how firm actions affect competition and consumers - which are economic issues. The key concepts of market definition, market power, and entry barriers require economic analysis. The document then provides a brief history of the evolving role of economics in US and European competition law and jurisprudence, from early structuralism to the modern emphasis on consumer welfare and total welfare under the influence of the Chicago School. It concludes that economic analysis is now essential in competition law.
The document discusses the growing role of economics in competition law assessments. It notes that competition law is concerned with how markets operate and how the behavior of firms affects competition and consumers, which are economic issues. It explains that economics helps understand market definition, entry barriers, and market power, which are key concepts in competition law. The document then provides an overview of the evolution of the role of economics in US and European competition law and jurisprudence over time, from initial structural approaches to more modern emphasis on consumer welfare and total welfare.
Competition policy, cartel enforcement and leniency programDr Danilo Samà
Competition policy, cartel enforcement and leniency program
Author:
Dr Danilo Samà (LUISS “Guido Carli” University)
Abstract:
The present assessment focuses on the antitrust action in detecting and fighting oligopolistic collusion, analyzing the development of the innovative and modern leniency policy. Following the examination of the main conditions and reasons for cartel stability and sustainability, our attempt is to comprehend under which circumstances leniency program represents a functional and successful tool for preventing the formation of anti-competitive agreements.
Keywords:
cartels enforcement, competition policy, game theory, leniency program, oligopolistic markets
JEL classification:
C70; K21; L13
Year:
2008
Pages:
1-12
Citation:
Samà, Danilo (2008), Competition policy, cartel enforcement and leniency program, LUISS “Guido Carli” University, Rome, Italy, pp. 1-12.
This document discusses several economic theories used by economists to analyze and understand economic phenomena:
- Supply and demand theory explains how price is determined by the interaction of supply and demand in a market.
- Classical economics views markets as self-regulating systems governed by production and exchange.
- Keynesian economics focuses on how aggregate demand impacts output, employment, and inflation.
- Malthusian economics argues that population growth outpaces food supply growth.
- Marxism views capitalism as creating two socioeconomic classes that are in conflict.
- Market socialism incorporates elements of both socialist planning and free markets.
The document discusses several topics related to business including factors that contribute to rapid business change, the role of entrepreneurship in the economy, how American businesses began focusing on customer needs after WWII, differences between non-profit and for-profit organizations, factors of production, strategies for developing a competitive advantage, and how the rise of the internet has changed business practices. Key points made are that global competition, technology changes, and resource depletion are accelerating the pace of business change. Entrepreneurial success benefits job creation and economic growth. Meeting customer needs became essential to business success due to increased post-war competition. Non-profits contribute to the economy through employment and revenue while partnering with businesses.
Lecture on Competition Law_Unit 1 AS ON 03.02.2023.pdfYashwantMishra13
This document provides an introduction to competition law. It discusses how early Indian industrial policies from 1948-1956 promoted a regulated economy with state control over key industries and imports/exports. This led to inefficiencies as there was no competition. The 1991 economic reforms aimed to liberalize and increase competition. Competition brings benefits like innovation, efficiency and lower prices, while abuse of monopoly power allows firms to raise prices and restrict output. For these reasons, competition law is needed to curb unfair trade practices like predation, mergers that reduce competition, and cartelization in order to promote a truly competitive economy.
Running head Economic Analysis of Business ProposalEconomic A.docxcharisellington63520
Running head: Economic Analysis of Business Proposal
Economic Analysis of Business Proposal 7
Introduction
The onus of this economic analysis paper centers around both the “Thomas Money Service Inc.” and “Will Bury’s Price Elasticity” scenarios that collectively constitute a monopolist market structure. (Crane, 2014) wrote that the market conditions and information concerning the pricing strategies, quantity to supply to the entire market, product differentiation, as well as patenting of the innovations dominate these scenarios. As a result of this, many dilemmas emerge under monopolistic markets given that the commodities produced are not complete substitutes rather close substitutes to each other. A big number of producers and product differentiation about the pricing strategies and the price elasticity of demand are the material factors that this manuscript is tasked to discuss.
Overview of the two scenarios
For the case of “Thomas Money Service Inc.”, the financing institution started providing credit lending facilities back in the year 1940 as a consumer finance firm.Between 1940 and 1945, the company increased its activities from issuing small loans to households to offering business loans, mortgages, and business acquisition financing.Early in the year 1946, a lucrative opportunity emerged of providing equipment financing supplementing the high market demand for forestry and equipment.The year 1951 was a year of opportunities where the company bought an equipment manufacturing firm. Consequently, the company suspended the funding of other equipment brands due to the increased manufacturing, selling, and financing its brand of forestry and building equipment.
On the other hand, Will Bury started as a mere worker at the High Tech Digital Industries, where he gathered necessary innovations skills to start his music and digital business.In the garage operation, Will increased his knowledge and entrepreneurship culture to prompt the decision of starting the digital book enterprise that he invented. Will Burry was faced with many dilemmas of how to ascertain his technological application, which kind of clientele to serve, the way of distribution of the services to the people, the demand for books, as well as the pricing strategies.
Monopolistic competition markets structure
As per the two scenarios of Will Bury and Thomas Money Services, it is crystal clear that they are examples of monopolistic market structures. This form of a market is a blend of the monopoly and perfect competition and has been called monopolistic competition or competing monopolists as stated by (Hushke, 2010). In the real world, there is neither absolute monopoly that is an absence of competition, nor perfect competition, but monopolistic competition. The products are not complete substitutes for one another, but they are close substitutes.
With respect to monopolistic competition, the number of dealers (buyers and sellers) is not large, at any rate not as lar.
Competition Situation in Lithuania From Theory to Practiceijtsrd
Competition is the competition between manufacturers, consumers and other economic actors for markets, goods and other resources. Competition occurs when, in a single sphere trade, production, distribution of goods or other activities, there are several entities engaged in the same activity. Article analyzes concept of competition, competition advantages and disadvantages, competition situation in Lithuania. Margarita Isoraite "Competition Situation in Lithuania: From Theory to Practice" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-6 , October 2019, URL: https://www.ijtsrd.com/papers/ijtsrd28033.pdf Paper URL: https://www.ijtsrd.com/management/marketing-management/28033/competition-situation-in-lithuania-from-theory-to-practice/margarita-isoraite
The document discusses the growing role of economics in competition law assessments. It notes that competition law is concerned with studying markets and ensuring competition benefits consumers. Applying competition law involves identifying markets, assessing competition, and how firm actions affect competition and consumers - which are economic issues. The key concepts of market definition, market power, and entry barriers require economic analysis. The document then provides a brief history of the evolving role of economics in US and European competition law and jurisprudence, from early structuralism to the modern emphasis on consumer welfare and total welfare under the influence of the Chicago School. It concludes that economic analysis is now essential in competition law.
The document discusses the growing role of economics in competition law assessments. It notes that competition law is concerned with how markets operate and how the behavior of firms affects competition and consumers, which are economic issues. It explains that economics helps understand market definition, entry barriers, and market power, which are key concepts in competition law. The document then provides an overview of the evolution of the role of economics in US and European competition law and jurisprudence over time, from initial structural approaches to more modern emphasis on consumer welfare and total welfare.
Competition policy, cartel enforcement and leniency programDr Danilo Samà
Competition policy, cartel enforcement and leniency program
Author:
Dr Danilo Samà (LUISS “Guido Carli” University)
Abstract:
The present assessment focuses on the antitrust action in detecting and fighting oligopolistic collusion, analyzing the development of the innovative and modern leniency policy. Following the examination of the main conditions and reasons for cartel stability and sustainability, our attempt is to comprehend under which circumstances leniency program represents a functional and successful tool for preventing the formation of anti-competitive agreements.
Keywords:
cartels enforcement, competition policy, game theory, leniency program, oligopolistic markets
JEL classification:
C70; K21; L13
Year:
2008
Pages:
1-12
Citation:
Samà, Danilo (2008), Competition policy, cartel enforcement and leniency program, LUISS “Guido Carli” University, Rome, Italy, pp. 1-12.
This document discusses several economic theories used by economists to analyze and understand economic phenomena:
- Supply and demand theory explains how price is determined by the interaction of supply and demand in a market.
- Classical economics views markets as self-regulating systems governed by production and exchange.
- Keynesian economics focuses on how aggregate demand impacts output, employment, and inflation.
- Malthusian economics argues that population growth outpaces food supply growth.
- Marxism views capitalism as creating two socioeconomic classes that are in conflict.
- Market socialism incorporates elements of both socialist planning and free markets.
The document discusses several topics related to business including factors that contribute to rapid business change, the role of entrepreneurship in the economy, how American businesses began focusing on customer needs after WWII, differences between non-profit and for-profit organizations, factors of production, strategies for developing a competitive advantage, and how the rise of the internet has changed business practices. Key points made are that global competition, technology changes, and resource depletion are accelerating the pace of business change. Entrepreneurial success benefits job creation and economic growth. Meeting customer needs became essential to business success due to increased post-war competition. Non-profits contribute to the economy through employment and revenue while partnering with businesses.
Lecture on Competition Law_Unit 1 AS ON 03.02.2023.pdfYashwantMishra13
This document provides an introduction to competition law. It discusses how early Indian industrial policies from 1948-1956 promoted a regulated economy with state control over key industries and imports/exports. This led to inefficiencies as there was no competition. The 1991 economic reforms aimed to liberalize and increase competition. Competition brings benefits like innovation, efficiency and lower prices, while abuse of monopoly power allows firms to raise prices and restrict output. For these reasons, competition law is needed to curb unfair trade practices like predation, mergers that reduce competition, and cartelization in order to promote a truly competitive economy.
Running head Economic Analysis of Business ProposalEconomic A.docxcharisellington63520
Running head: Economic Analysis of Business Proposal
Economic Analysis of Business Proposal 7
Introduction
The onus of this economic analysis paper centers around both the “Thomas Money Service Inc.” and “Will Bury’s Price Elasticity” scenarios that collectively constitute a monopolist market structure. (Crane, 2014) wrote that the market conditions and information concerning the pricing strategies, quantity to supply to the entire market, product differentiation, as well as patenting of the innovations dominate these scenarios. As a result of this, many dilemmas emerge under monopolistic markets given that the commodities produced are not complete substitutes rather close substitutes to each other. A big number of producers and product differentiation about the pricing strategies and the price elasticity of demand are the material factors that this manuscript is tasked to discuss.
Overview of the two scenarios
For the case of “Thomas Money Service Inc.”, the financing institution started providing credit lending facilities back in the year 1940 as a consumer finance firm.Between 1940 and 1945, the company increased its activities from issuing small loans to households to offering business loans, mortgages, and business acquisition financing.Early in the year 1946, a lucrative opportunity emerged of providing equipment financing supplementing the high market demand for forestry and equipment.The year 1951 was a year of opportunities where the company bought an equipment manufacturing firm. Consequently, the company suspended the funding of other equipment brands due to the increased manufacturing, selling, and financing its brand of forestry and building equipment.
On the other hand, Will Bury started as a mere worker at the High Tech Digital Industries, where he gathered necessary innovations skills to start his music and digital business.In the garage operation, Will increased his knowledge and entrepreneurship culture to prompt the decision of starting the digital book enterprise that he invented. Will Burry was faced with many dilemmas of how to ascertain his technological application, which kind of clientele to serve, the way of distribution of the services to the people, the demand for books, as well as the pricing strategies.
Monopolistic competition markets structure
As per the two scenarios of Will Bury and Thomas Money Services, it is crystal clear that they are examples of monopolistic market structures. This form of a market is a blend of the monopoly and perfect competition and has been called monopolistic competition or competing monopolists as stated by (Hushke, 2010). In the real world, there is neither absolute monopoly that is an absence of competition, nor perfect competition, but monopolistic competition. The products are not complete substitutes for one another, but they are close substitutes.
With respect to monopolistic competition, the number of dealers (buyers and sellers) is not large, at any rate not as lar.
This document discusses concepts related to agricultural marketing. It defines agriculture, marketing, and agricultural marketing. It outlines objectives of studying agricultural marketing such as understanding complexities to provide efficient services and ensuring an efficient system benefits all. The document also covers scope and subject matter, differences between agricultural and manufactured products, importance of agricultural marketing, components and dimensions of markets, and relationships between market structure, conduct, and performance.
The document discusses European Union competition law regarding mergers. It defines different types of mergers like horizontal, vertical, and conglomerate mergers. It explains the purpose of merger control is to maintain competition and prevent the formation of monopolies that could harm consumer welfare. Merger control evaluates whether a merger could allow the merging companies to unilaterally exercise power over the market and reduce competition. Theories of potential competitive harm from mergers include unilateral or non-coordinated effects where competition between the merging companies' products is eliminated.
This document defines and describes different types of market structures:
1. Monopolistic competition, where many firms sell differentiated products and compete.
2. Oligopoly, where a small number of firms control the majority of the market.
3. Monopoly, where there is a single seller. Perfect competition, where many buyers and sellers transact standardized products.
Let's face it. At some point of time in our school or college, we face a typically difficult assignment with a tricky problem, a complex equation or a case study on an obscure concept. Do you wish you had access to a qualified tutor who could help you at that moment?
Our homework assistance service, which is available 24/7 in subjects across disciplines like Finance, Accounting, Management, Engineering, Sciences, Math and ELA, is precisely the answer to your wish.
Our tutors provide you with a step-by-step working of the solution to your homework problems so that you understand the solution and the approach better. Aiming for school/college success with top grades just got easier with Online Assignment help
It has been our constant endeavor to match the best tutoring with the most affordable price. Our tutors are highly qualified, have long tutoring experience in their respective subjects and have passed our stringent screening criteria. This makes them some of the best in the tutoring industry.
We are proud to have moved over 100,000 customers closer to their cherished goals. We would be glad to be a part of your journey too.
• Our Homework help covers detailed solutions to Assignment problems, Case studies, Project Work, Research paper writing, Essay writing and review help.
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Mail: homework@onlineassignment.net
Live Chat Available 24*7
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Online Assignment
We at Online Assignment, embark upon providing high quality online education to our students who are spread all across the globe. Our endeavour is to help you realize your full potential by mentoring and guiding you through the process of doing your assignment.
We empower the academic knowledge and strength of the students and professionals by providing all possible academic assistance such as assignments help, homework help, project and research help, writing help in all the areas of studies broadly covered under Commerce, Arts, Science and Computers.
Homework Help | Assignment Help | Project Help | Online Tutoring | Math Help | Programming Help |
Visit : www.onlineassignment.net
We at Online Assignment, embark upon providing high quality online education to our students who are spread all across the globe. Our endeavour is to help you realize your full potential by mentoring and guiding you through the process of doing your assignment.
We empower the academic knowledge and strength of the students and professionals by providing all possible academic assistance such as assignments help, homework help, project and research help, writing help in all the areas of studies broadly covered under Commerce, Arts, Science and Computers.
Homework Help | Assignment Help | Project Help | Online Tutoring | Math Help | Programming Help |
Visit : www.onlineassignment.net
The document discusses perfect competition and its five conditions: many buyers and sellers, similar products, easy market entry and exit, perfect information, and price-taking behavior. It provides examples of industries that approach perfect competition like agriculture. Perfect competition maximizes economic efficiency but is rare to achieve. Most industries exhibit imperfect competition characterized by monopoly, oligopoly, or monopolistic competition.
The document discusses the conditions of perfect competition in markets. It explains that perfect competition requires: many small businesses with similar products; low barriers to entry and exit; perfect information; and buyers and sellers that are price takers. However, most industries exhibit imperfect competition instead, with market structures like monopoly, oligopoly, and monopolistic competition that have some control over prices. The benefits of perfect competition are economic efficiency and prices that benefit both consumers and businesses.
The document discusses competition and India's competition policy and law. It defines competition and explains its importance for consumers and economic growth. It outlines the objectives of India's competition policy to promote efficiency, innovation, and economic growth.
The key points are:
1. The Competition Act of 2002 established the Competition Commission of India to prevent anti-competitive practices and promote fair competition.
2. The Act prohibits anti-competitive agreements between enterprises, abuse of dominant market positions, and regulates combinations/mergers that reduce competition.
3. The goal of the competition policy is to preserve fair competition, promote efficiency, encourage innovation, and support sustained economic growth.
The document discusses a cartel between several Greek ferry companies operating on the Italy-Greece route from 1987 to 1998. It provides background on collusion and cartels under EU law. The ferry companies agreed to fix prices and share the market, which was investigated and found to be illegal by the European Commission. The companies received fines totaling over €150 million for violating antitrust rules.
Social welfare is maximum in case of imperfect competitionAkeeb Siddiqui
There are two main approaches to welfare economics: the early neoclassical approach and the new welfare economics approach. The early approach assumes cardinal utility can be measured, while the new approach uses ordinal utility and Pareto efficiency. Perfect competition occurs when many small buyers and sellers trade homogeneous goods, while imperfect competition arises when firms have some control over prices through monopolies, oligopolies, or natural monopolies sanctioned by governments. Imperfectly competitive markets can result in inefficiencies like deadweight loss compared to perfectly competitive markets.
This document discusses different levels of marketing competition. It outlines three levels: brand competition between similar products, substitute competition between products that fulfill similar needs, and budget competition for consumers' spending money across all products. It also describes perfect competition as a theoretical market structure where many small sellers and buyers transact standardized products and all participants are price takers. Imperfect competition refers to all other market structures that do not meet the strict conditions of perfect competition, such as monopoly, oligopoly, and monopsony. The document lists pros and cons of perfect competition, such as lower prices for consumers but insufficient profits for investment.
This document discusses different levels of marketing competition. It outlines three levels: brand competition between similar products, substitute competition between products that fulfill similar needs, and budget competition for consumers' spending money across all products. It also describes perfect competition as a theoretical market structure where many small sellers and buyers transact standardized products and all participants are price takers. Imperfect competition refers to all other market structures that do not meet the strict conditions of perfect competition, such as monopoly, oligopoly, and monopsony. The document notes both advantages like efficiency but also disadvantages of perfect competition like insufficient profits.
This document discusses different types of market structures. It begins with an introduction to market structure and its importance in understanding market behavior and firm outcomes. It then defines four main types of market structures: perfect competition, monopolistic competition, monopoly, and oligopoly. For each type, it provides examples and discusses key characteristics such as the number of firms, level of differentiation, barriers to entry/exit, and firm control over pricing. The document aims to outline the theoretical frameworks for different market structures and their real-world applications.
Lesson 5: The Price System and the Mixed EconomyJudy Ann But
This document discusses the price system and mixed economy. It examines how the circular flow of income and expenditures keeps a capitalist economy functioning by allocating resources through prices. While the pure market system has defects like externalities and inequality, the modern mixed economy addresses these through government intervention in markets, provision of public goods, income redistribution, and macroeconomic stabilization. Governments participate in input and product markets, tax households and firms, and provide services to correct market failures and support vulnerable groups.
Day 1 Intro to CCP and Competition Law in PakistanAhmed Qadir
The document discusses the importance of competition in developing countries and the need for competition laws. It provides background on competition laws in Pakistan, from the original 1970 law to the current 2010 Competition Act. The current law established the Competition Commission of Pakistan and prohibits anti-competitive behaviors such as abuse of dominant market position, cartelization through prohibited agreements, deceptive marketing practices, and mergers or acquisitions that substantially lessen competition. It also stresses the importance of advocacy and increasing awareness of competition laws.
This document provides an overview of price determination under perfect competition. It defines key terms like market, market structure, and perfect competition. Under perfect competition, there are many small producers and consumers of homogeneous products, free entry and exit into the market, and perfect information. Equilibrium price is determined by the intersection of supply and demand where quantity supplied equals quantity demanded. In both the short run and long run, firms earn only normal profits under perfect competition.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
This document discusses concepts related to agricultural marketing. It defines agriculture, marketing, and agricultural marketing. It outlines objectives of studying agricultural marketing such as understanding complexities to provide efficient services and ensuring an efficient system benefits all. The document also covers scope and subject matter, differences between agricultural and manufactured products, importance of agricultural marketing, components and dimensions of markets, and relationships between market structure, conduct, and performance.
The document discusses European Union competition law regarding mergers. It defines different types of mergers like horizontal, vertical, and conglomerate mergers. It explains the purpose of merger control is to maintain competition and prevent the formation of monopolies that could harm consumer welfare. Merger control evaluates whether a merger could allow the merging companies to unilaterally exercise power over the market and reduce competition. Theories of potential competitive harm from mergers include unilateral or non-coordinated effects where competition between the merging companies' products is eliminated.
This document defines and describes different types of market structures:
1. Monopolistic competition, where many firms sell differentiated products and compete.
2. Oligopoly, where a small number of firms control the majority of the market.
3. Monopoly, where there is a single seller. Perfect competition, where many buyers and sellers transact standardized products.
Let's face it. At some point of time in our school or college, we face a typically difficult assignment with a tricky problem, a complex equation or a case study on an obscure concept. Do you wish you had access to a qualified tutor who could help you at that moment?
Our homework assistance service, which is available 24/7 in subjects across disciplines like Finance, Accounting, Management, Engineering, Sciences, Math and ELA, is precisely the answer to your wish.
Our tutors provide you with a step-by-step working of the solution to your homework problems so that you understand the solution and the approach better. Aiming for school/college success with top grades just got easier with Online Assignment help
It has been our constant endeavor to match the best tutoring with the most affordable price. Our tutors are highly qualified, have long tutoring experience in their respective subjects and have passed our stringent screening criteria. This makes them some of the best in the tutoring industry.
We are proud to have moved over 100,000 customers closer to their cherished goals. We would be glad to be a part of your journey too.
• Our Homework help covers detailed solutions to Assignment problems, Case studies, Project Work, Research paper writing, Essay writing and review help.
Website: www.onlineassignment.net
Mail: homework@onlineassignment.net
Live Chat Available 24*7
Regards
Online Assignment
We at Online Assignment, embark upon providing high quality online education to our students who are spread all across the globe. Our endeavour is to help you realize your full potential by mentoring and guiding you through the process of doing your assignment.
We empower the academic knowledge and strength of the students and professionals by providing all possible academic assistance such as assignments help, homework help, project and research help, writing help in all the areas of studies broadly covered under Commerce, Arts, Science and Computers.
Homework Help | Assignment Help | Project Help | Online Tutoring | Math Help | Programming Help |
Visit : www.onlineassignment.net
We at Online Assignment, embark upon providing high quality online education to our students who are spread all across the globe. Our endeavour is to help you realize your full potential by mentoring and guiding you through the process of doing your assignment.
We empower the academic knowledge and strength of the students and professionals by providing all possible academic assistance such as assignments help, homework help, project and research help, writing help in all the areas of studies broadly covered under Commerce, Arts, Science and Computers.
Homework Help | Assignment Help | Project Help | Online Tutoring | Math Help | Programming Help |
Visit : www.onlineassignment.net
The document discusses perfect competition and its five conditions: many buyers and sellers, similar products, easy market entry and exit, perfect information, and price-taking behavior. It provides examples of industries that approach perfect competition like agriculture. Perfect competition maximizes economic efficiency but is rare to achieve. Most industries exhibit imperfect competition characterized by monopoly, oligopoly, or monopolistic competition.
The document discusses the conditions of perfect competition in markets. It explains that perfect competition requires: many small businesses with similar products; low barriers to entry and exit; perfect information; and buyers and sellers that are price takers. However, most industries exhibit imperfect competition instead, with market structures like monopoly, oligopoly, and monopolistic competition that have some control over prices. The benefits of perfect competition are economic efficiency and prices that benefit both consumers and businesses.
The document discusses competition and India's competition policy and law. It defines competition and explains its importance for consumers and economic growth. It outlines the objectives of India's competition policy to promote efficiency, innovation, and economic growth.
The key points are:
1. The Competition Act of 2002 established the Competition Commission of India to prevent anti-competitive practices and promote fair competition.
2. The Act prohibits anti-competitive agreements between enterprises, abuse of dominant market positions, and regulates combinations/mergers that reduce competition.
3. The goal of the competition policy is to preserve fair competition, promote efficiency, encourage innovation, and support sustained economic growth.
The document discusses a cartel between several Greek ferry companies operating on the Italy-Greece route from 1987 to 1998. It provides background on collusion and cartels under EU law. The ferry companies agreed to fix prices and share the market, which was investigated and found to be illegal by the European Commission. The companies received fines totaling over €150 million for violating antitrust rules.
Social welfare is maximum in case of imperfect competitionAkeeb Siddiqui
There are two main approaches to welfare economics: the early neoclassical approach and the new welfare economics approach. The early approach assumes cardinal utility can be measured, while the new approach uses ordinal utility and Pareto efficiency. Perfect competition occurs when many small buyers and sellers trade homogeneous goods, while imperfect competition arises when firms have some control over prices through monopolies, oligopolies, or natural monopolies sanctioned by governments. Imperfectly competitive markets can result in inefficiencies like deadweight loss compared to perfectly competitive markets.
This document discusses different levels of marketing competition. It outlines three levels: brand competition between similar products, substitute competition between products that fulfill similar needs, and budget competition for consumers' spending money across all products. It also describes perfect competition as a theoretical market structure where many small sellers and buyers transact standardized products and all participants are price takers. Imperfect competition refers to all other market structures that do not meet the strict conditions of perfect competition, such as monopoly, oligopoly, and monopsony. The document lists pros and cons of perfect competition, such as lower prices for consumers but insufficient profits for investment.
This document discusses different levels of marketing competition. It outlines three levels: brand competition between similar products, substitute competition between products that fulfill similar needs, and budget competition for consumers' spending money across all products. It also describes perfect competition as a theoretical market structure where many small sellers and buyers transact standardized products and all participants are price takers. Imperfect competition refers to all other market structures that do not meet the strict conditions of perfect competition, such as monopoly, oligopoly, and monopsony. The document notes both advantages like efficiency but also disadvantages of perfect competition like insufficient profits.
This document discusses different types of market structures. It begins with an introduction to market structure and its importance in understanding market behavior and firm outcomes. It then defines four main types of market structures: perfect competition, monopolistic competition, monopoly, and oligopoly. For each type, it provides examples and discusses key characteristics such as the number of firms, level of differentiation, barriers to entry/exit, and firm control over pricing. The document aims to outline the theoretical frameworks for different market structures and their real-world applications.
Lesson 5: The Price System and the Mixed EconomyJudy Ann But
This document discusses the price system and mixed economy. It examines how the circular flow of income and expenditures keeps a capitalist economy functioning by allocating resources through prices. While the pure market system has defects like externalities and inequality, the modern mixed economy addresses these through government intervention in markets, provision of public goods, income redistribution, and macroeconomic stabilization. Governments participate in input and product markets, tax households and firms, and provide services to correct market failures and support vulnerable groups.
Day 1 Intro to CCP and Competition Law in PakistanAhmed Qadir
The document discusses the importance of competition in developing countries and the need for competition laws. It provides background on competition laws in Pakistan, from the original 1970 law to the current 2010 Competition Act. The current law established the Competition Commission of Pakistan and prohibits anti-competitive behaviors such as abuse of dominant market position, cartelization through prohibited agreements, deceptive marketing practices, and mergers or acquisitions that substantially lessen competition. It also stresses the importance of advocacy and increasing awareness of competition laws.
This document provides an overview of price determination under perfect competition. It defines key terms like market, market structure, and perfect competition. Under perfect competition, there are many small producers and consumers of homogeneous products, free entry and exit into the market, and perfect information. Equilibrium price is determined by the intersection of supply and demand where quantity supplied equals quantity demanded. In both the short run and long run, firms earn only normal profits under perfect competition.
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Seminar: Gender Board Diversity through Ownership NetworksGRAPE
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Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
1. Market, competition and syndicate
M S Siddiqui
https://businesspostbd.com/editorial/2022-10-26/market-competition-and-syndicate
26 Oct 2022 00:01:47 | Update: 26 Oct 2022 03:09:47
Healthy market competition is fundamental to a well-functioning an economy. Basic economic
theory demonstrates that when firms must compete for customers, it leads to lower prices, higher
quality goods and services, greater variety, and more innovation. Defining the market in relation to
competition is very tricky. Bangladesh authorities seems has misconceived the idea of market and
competition.
Competition laws are based on a certain understanding of how markets work and what market outcomes
should be achieved. In competition law, the relevant market acts as a filter that delineates that part of
commerce within which competition law assesses companies’ market behaviour.
The Government of Bangladesh enacted the Competition Act in 2012. In the Preamble,
the Act stated that, “WHEREAS in the context of gradual economic development of the country, it is
expedient and necessary to make provisions to promote, ensure and sustain congenial atmosphere for the
competition in trade, and to prevent, control and eradicate collusion, monopoly and oligopoly,
combination or abuse of dominant position or activities adverse to the competition”.
Competition is the basis of a market economy. When businesses vie for customers, prices fall and
economic output increases. And as unproductive firms are replaced by innovative firms, the economy
becomes more efficient. The relevant market concept is not static, neither in competition law nor in
economics. Thus, competition allows the market economy to allocate resources efficiently. Without it,
there can be distortions that reduce overall welfare, as concentrated interests benefit at the expense of the
broader public.
Competition is an economic process of interaction, interconnection and struggle between the enterprises
acting on the market in order to provide better sales opportunities for their products, meet the needs of
customers and obtain the greatest profit. Modern competition as an integral attribute of the world market.
Industrialization of economic life expands the mass base of competition. Along with giant monopolies,
medium, small and even very small firms enter the market struggle.
When there is insufficient competition, dominant firms can use their market power to charge higher
prices, offer decreased quality, and block potential competitors from entering the market—meaning
entrepreneurs and small businesses cannot participate on a level playing field and new ideas cannot
become new goods and services. Research has also connected market power
to inequality.
2. The word market is derived from the Latin word 'Marcatus' which means trade, commerce, merchandise,
a place where business is transacted. The common usage of market means a place where goods are bought
or sold. It is a medium or place to interact and exchange goods and services. In simple words, the meeting
place of buyers and sellers in an area is called Market.
The term market defined by different authors in different ways among them. Those definitions of Market
are: “Marketing is concerned with the people and the activities involved in the flow of goods and services
from the producer to the consumer”. The American Marketing Association defined as "Marketing
includes those business activities which are involved in the flow of goods and services from production
to consumption."
According to Pyle "Market includes both place and region in which buyers and sellers are in free
competition with one another." In the words of Clark and Clark "A market is a centre or an area in which
the forces leading to exchange title to a particular product operate and towards which the actual goods
tend to travel."
Need for a Market are :
• To exchange (barter) goods and services.
• To adjust demand and supply by price mechanism.
• To improve the quality of life of the society.
• To introduce new modes of life.
• To develop product by enhancing market segment.
In common parlance, by market is meant a place where commodities are bought and sold at retail or
wholesale prices. Thus, a marketplace is thought to be a place consisting of a number of big and small
shops, stalls and even hawkers selling various types of goods.
In economics however, the term “Market” does not refer to a particular place as such, but it refers to a
market for a commodity or commodities. It refers to an arrangement whereby buyers and sellers come in
close contact with each other directly or indirectly to sell and buy goods.
Empirical studies have largely suggested that product market competition is positively correlated with
productivity. Productivity levels and growth rates in many countries have lagged behind the competitive
markets around the world. Academics and policy makers have focused attention on the lack of product
market competition as one of the main reasons for this poor performance. The idea that competition
improves efficiency has a long
history in economics.
According to this theory, competition is a static end-state in which firms cannot persistently over charge
and earn abnormal profits. Competition between firms can benefit consumers, workers, entrepreneurs,
small businesses. A market is competitive when rivals are sufficiently threatening to incentivise an
incumbent to improve (better quality, lower price, new services, more innovation, etc.) to maintain its
competitive advantage. Inefficient firms are penalised by consumers while more efficient and innovative
companies are rewarded.
3. To obtain a competitive situation several criteria need to be met. These include having a considerable
number of rivals, participants possessing common knowledge about market opportunities, and there being
free entry and exit (Cournot, 1938). According to this theory, the excess of the price over costs decreases
as the number of producers increases. Perfect competition is the opposite of a monopoly. In a monopoly,
there are no rivals and a monopolist can extract abnormal profits by pricing as high as the consumer will
bear (i.e. as far as the elasticity of demand permits).
The structural characteristics of a market include the number of firms (and the absolute and relative size
of firms), the entry and exit conditions, and the extent of product differentiation. Market structure is
expected to influence the conduct of firms. Conduct variables include pricing strategies, other forms of
strategic decisions (e.g. on product quality, advertisement expenditure, etc.) and collusion. Conduct,
influenced by structure, determines performance.
Competition authorities measure market competition for broadly three reasons. The first one is to apply
competition law in markets affected by mergers and potential abuse of dominance (competition
enforcement). The second reason is to assess whether pro-competitive intervention is needed and whether
such intervention is likely to be net beneficial (competition advocacy). The third reason is to assess ex-
post the effectiveness of competition policy of an authority.
The measurement of competition is not straightforward. Competition is a complex concept and not
directly observable. Over the years, this has resulted in the development of numerous methods to capture
and measure the degree of competition.
Competition authorities who may want to consider developing further their market screening intelligence
using a combination of competition indicators could start with markets defined during casework.
Subsequently, this can be extended to include other important markets, particularly as firm-level data
becomes more available. This could allow an authority to obtain a more reliable view on how a market is
evolving and hence identify where there could be problems, or alternatively myth-bust when indicators
suggest problems are absent in
well-defined markets.
As for example after assuming the office of the President, the US President Biden has signed an
Executive Order on Promoting Competition in the American Economy. It launches a whole-of-
government effort to combat growing market power in the U.S. economy by seeking to ensure that
markets are competitive. Because of the scale and scope of the market power problem. The US
President’s executive order makes the promotion of competition central to the government’s mission by
dedicating the entire government to reversing these trends.
The order of US President therefore directs or encourages roughly a dozen agencies to engage in more
than 70 specific actions that will remove barriers to entry and encourage more competition. For example,
the order encourages the Department of Health and Human Services to work with states developing drug
importation programs and to consider finalizing rules allowing hearing aids to be sold over the counter at
a fraction of their current price. It requires all agencies to use their procurement and spending powers to
avoid entrenching monopolists and to create new business opportunities for small firms. It encourages the
Federal Trade Commission (FTC) to issue rules curtailing noncompete agreements which inhibit labor
mobility, preventing workers from switching to jobs that offer better pay and benefits. And, it directs the
Department of Agriculture to consider strengthening its enforcement of laws designed to prevent large
meat-processing companies from taking advantage of farmers.
4. The scrutiny of the market and ensure perfect competition in the market is primary job of competition
commission. The focus should be given to create a perfect competition in the market. The authorities
cannot avoid the responsibility for the so-called “syndicate” in the market. Despite an active anti-trust
agency, the order of US President is a unique example the statemen how the leaders can instruct different
agencies to ensure competition in the market. It may be noted that the president did not urge the law-
enforcers to punish the businessperson for “syndicate”.
The writer is Non-Government Adviser, Bangladesh Competition Commission. He can be contacted
at mssiddiqui2035@gmail.com