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Transformation problem: The transformation problem is the problem specific to Marxist economics, and not to economics in general, of finding a general rule by which to transform the values of commodities based on socially necessary labour time into the competitive prices of the marketplace. The essential difficulty is how to reconcile profit in ...
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Under these circumstances, markets move away from the theory of a perfectly competitive market, as real market often do not meet the assumptions of the theory and this inevitably leads to opportunities to generate more profit, unlike in a perfect competition environment, where firms earn zero economic profit in the long run. [8]
Competition (economics) is included in the JEL classification codes as JEL: D40 Wikimedia Commons has media related to Competition (economics) . The main article for this category is Competition (economics) .
In oligopoly theory, conjectural variation is the belief that one firm has an idea about the way its competitors may react if it varies its output or price. The firm forms a conjecture about the variation in the other firm's output that will accompany any change in its own output.
The Global Competitiveness Report (GCR) [1] was a yearly report published by the World Economic Forum.Between 2004 and 2020, [2] the Global Competitiveness Report ranked countries based on the Global Competitiveness Index, [1] developed by Xavier Sala-i-Martin and Elsa V. Artadi. [3]
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In 1982 the U.S. Department of Justice Merger Guidelines introduced the SSNIP test as a new method for defining markets and for measuring market power directly. In the EU it was used for the first time in the Nestlé/Perrier case in 1992 and has been officially recognized by the European Commission in its "Commission's Notice for the Definition of the Relevant Market" in 1997.