Regulatory competition is when governments compete to attract businesses by offering different economic environments with varying levels of rules and regulations. This can be between states, regions, or countries, and is often created through law. Different types of regulations come from corporate, labor, tax, and environmental laws, and can vary across industries. The level of […]
Cournot competition is an economic model where companies compete based on the amount of product they produce, usually in a monopoly or oligopoly. The model requires competition to be centered around the quantity produced of a specific good, making the market inefficient and not favorable to consumers. Inefficiencies occur in an industry where there is […]
Bertrand bidding is a marketing model where entities simultaneously price the same or similar items, assuming competitors won’t change prices. It helps determine competitive pricing, market share, and potential loss. However, it only considers price and is more effective in a duopoly. Bertrand bidding is a marketing model in which two or more parties price […]
A machine tender manages the operation and maintenance of machinery to promote efficient production. They perform tasks beyond those of a machine operator, including simple maintenance, but are not responsible for advanced repairs. Proper maintenance is crucial for extending machinery life and maintaining production quality. Machine tending is a type of job position that requires […]
Unfair competition laws aim to ensure fair competition, honesty in advertising, and brand protection. They cover trademark infringement, false advertising, and bait-and-switch techniques. Privacy violations are also included. Former employees who use or sell business secrets for personal gain may be at risk. Both consumers and competing businesses can claim compensation. Some locations may have […]
Competition is the simultaneous commission of a crime with the intent to cause damage. It is necessary to show concurrence to hold someone legally responsible for a crime. The actus reus is the guilty action, while mens rea is the guilty mind. Attorneys use various means to establish or disprove competition. The single transaction principle […]
Imperfect competition is when markets lack the conditions of perfect competition, allowing forces to manipulate prices. Factors contributing to this include lack of information, marketing differentiated products, and barriers to entry. Joan Robinson introduced the concept in 1933. Imperfect competition is a term used to describe a market in which the conditions that characterize perfect […]
Pure competition is a market situation where no entity can influence the price of a product, and sellers are price takers. It is rare in reality due to stringent factors, and sellers can easily enter or exit the market without affecting the price. Firms structure production to incur marginal costs for maximum profit. Also known […]
Bertrand competition is a marketing model where entities determine prices for the same or similar services, assuming competitors won’t change prices. It helps determine competitive prices, assess market share and predict global price changes. However, it only considers price competition and does not measure other motivating factors. Bertrand competition is a marketing model in which […]
