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10 cards from this deck
Govt policy making imperfectly competitive markets more competitive
Consumers hold market power & determine what gets produced
Firms have power to manipulate consumers (occurs in monopoly)
Monopoly, mergers, and restrictive trading practices
Competition and Markets Authority
Assess each case: permit if benefits exceed costs of less competition
Threat of potential competition disciplines firms, not just actual
Costs incurred entering market that can't be recovered if exit
Criterion for investigating mergers/takeovers by CMA
Firms agree to fix prices & restrict output collectively
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