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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Why does it matter whether a market is defined broadly or narrowly for purposes of antitrust policy?

To determine

Explain why it is needed to consider whether a market is defined broadly or narrowly for the purpose of antitrust policy.

Explanation

The purpose of the antitrust policy is to prevent monopolization, keep the market open and promote competition, and achieve allocative efficiency. Therefore, it is necessary to check whether a market is defined broadly or narrowly for the purpose of antitrust policy. If the market is defined narrowly, it will get the degree of the monopoly power because of the lack of closed substitutes...

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