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10 cards from this deck
Promote competition & protect consumers to enhance market efficiency
Raise prices, reduce output, harm consumers, reduce welfare
Competition and Markets Authority (April 2014)
25% UK market share AND >£70m worldwide assets
Substantial Lessening of Competition
No/low barriers to entry/exit, zero/low sunk costs
Market including all substitutes but no non-substitutes
Agreement between firms to fix prices/limit output/divide markets
Loss to society from reduced output & higher prices
Productive inefficiency when firms don't minimise costs
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