By Dr Moritz Lorenz
Succinct and concise, this textbook covers the entire procedural and substantial facets of ecu festival legislations. It explores fundamental and secondary legislation in the course of the prism of ECJ case legislation. Abuse of a dominant place and merger regulate are mentioned and a separate bankruptcy on cartels guarantees the coed gets the broadest attainable point of view at the topic. furthermore, the book's constant constitution aids knowing: part summaries underline key rules, questions strengthen studying and essay dialogue issues motivate extra exploration. through taking off the commercial ideas which underpin the topic, the writer permits the scholar to interact with the complexity of festival legislations with self assurance. built-in examples and an uncluttered writing variety make this required examining for all scholars of the topic.
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Succinct and concise, this textbook covers the entire procedural and sizeable facets of european festival legislation. It explores fundamental and secondary legislations during the prism of ECJ case legislations. Abuse of a dominant place and merger regulate are mentioned and a separate bankruptcy on cartels guarantees the scholar gets the broadest attainable standpoint at the topic.
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Additional info for An Introduction to EU Competition Law
If one seller offers a product that is slightly different from other products and therefore more appealing to a certain buyer group, this will increase custom from this buyer group. Benchmark of perfect competition The discussion above illustrates the general mechanism of how competition can lead to lower prices, efﬁciency, increased choice and innovation. Over the centuries, economists have developed various models that seek to put the principle of competition, or lack thereof, into more technical terms.
This is the case under perfect competition: producers supply the good at the proﬁt-maximising level so that the market price, which reﬂects the value consumers attach to the good in question, equals the marginal and average cost of production. In the perfectly competitive equilibrium, neither producers nor consumers could be made better off by increasing or decreasing production. Productive efﬁciency refers to a situation where goods are produced at the lowest possible cost. As described above, under perfect competition ﬁrms will in equilibrium not earn any economic proﬁts.
4. MONOPOLY – THE OTHER EXTREME Perfect competition assumes a large number of producers that all act as price takers. 12 In complete 12 For an introductory and a more technical discussion of monopoly see Frank, Microeconomics and Behaviour, chapter 12, and Martin, Industrial Economics, pp. 23–31 respectively. 9 10 Economic foundations of EU competition law contrast to perfect competition, under monopoly there is only one producer offering the good in question. This producer does not face any competition, neither actual nor potential.