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SSNIP
In competition law, before deciding whether companies have significant market power which would justify government intervention, the test of small but significant and non-transitory increase in price (SSNIP) is used to define the relevant market in a consistent way. It is an alternative to ad hoc determination of the relevant market by arguments about product similarity. The SSNIP test is crucial in competition law cases accusing abuse of dominance and in approving or blocking mergers. Competition regulating authorities and other actuators of antitrust law intend to prevent market failure caused by cartel, oligopoly, monopoly, or other forms of market dominance. History 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 i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Relevant Market
In competition law, a relevant market is a market in which a particular product or service is sold. It is the intersection of a relevant product market and a relevant geographic market. The European Commission defines a relevant market and its product and geographic components as follows: #A relevant product market comprises all those products and/or services which are regarded as interchangeable or substitutable by the consumer by reason of the products' characteristics, their prices and their intended use; #A relevant geographic market comprises the area in which the firms concerned are involved in the supply of products or services and in which the conditions of competition are sufficiently homogeneous. Definition and use The notion of relevant market is used in order to identify the products and undertakings which are directly competing in a business. Therefore, the relevant market is the market where the competition takes place. The enforcement of the provisions of competitio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Competition Law
Competition law is the field of law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition law is implemented through public and private enforcement. It is also known as antitrust law (or just antitrust), anti-monopoly law, and trade practices law; the act of pushing for antitrust measures or attacking monopolistic companies (known as trusts) is commonly known as trust busting. The history of competition law reaches back to the Roman Empire. The business practices of market traders, guilds and governments have always been subject to scrutiny, and sometimes severe sanctions. Since the 20th century, competition law has become global. The two largest and most influential systems of competition regulation are United States antitrust law and European Union competition law. National and regional competition authorities across the world have formed international support and enforcement networks. Modern competition law ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monopoly
A monopoly (from Greek language, Greek and ) is a market in which one person or company is the only supplier of a particular good or service. A monopoly is characterized by a lack of economic Competition (economics), competition to produce a particular thing, a lack of viable substitute goods, and the possibility of a high monopoly price well above the seller's marginal cost that leads to a high monopoly profit. The verb ''monopolise'' or ''monopolize'' refers to the ''process'' by which a company gains the ability to raise prices or exclude competitors. In economics, a monopoly is a single seller. In law, a monopoly is a business entity that has significant market power, that is, the power to charge Monopoly price, overly high prices, which is associated with unfair price raises. Although monopolies may be big businesses, size is not a characteristic of a monopoly. A small business may still have the power to raise prices in a small industry (or market). A monopoly may als ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Abuse Of Dominance
A monopoly (from Greek and ) is a market in which one person or company is the only supplier of a particular good or service. A monopoly is characterized by a lack of economic competition to produce a particular thing, a lack of viable substitute goods, and the possibility of a high monopoly price well above the seller's marginal cost that leads to a high monopoly profit. The verb ''monopolise'' or ''monopolize'' refers to the ''process'' by which a company gains the ability to raise prices or exclude competitors. In economics, a monopoly is a single seller. In law, a monopoly is a business entity that has significant market power, that is, the power to charge overly high prices, which is associated with unfair price raises. Although monopolies may be big businesses, size is not a characteristic of a monopoly. A small business may still have the power to raise prices in a small industry (or market). A monopoly may also have monopsony control of a sector of a market. A mono ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mobil Oil Corporation
Mobil Oil Corporation, now known as just Mobil, is a petroleum brand owned and operated by American oil and gas corporation ExxonMobil, formerly known as Exxon, which took its current name after it and Mobil merged in 1999. A direct descendant of Standard Oil, Mobil was originally known as the Standard Oil Company of New York (shortened to Socony) after Standard Oil was split into 43 different entities in a 1911 Supreme Court decision. Socony merged with Vacuum Oil Company, from which the Mobil name first originated, in 1931 and subsequently renamed itself to "Socony-Vacuum Oil Company". Over time, Mobil became the company's primary identity, which prompted a renaming in 1955 to the "Socony Mobil Oil Company", and then in 1966 to the "Mobil Oil Corporation". Mobil credits itself with being the first company to introduce paying at the pump at its gas stations, the first company to produce jet aviation fuel, as well as the first company to introduce a mobile payment device, to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Antitrust Institute
The American Antitrust Institute (AAI) is a Washington, D.C.–based non-profit education, research, and advocacy organization. The AAI advocates for more aggressive antitrust enforcement by the federal government. History and funding Founded in April 1998, AAI is a 501(c)(3) tax-exempt Washington, D.C., corporation. The AAI is funded through contributions from a wide variety of law firms, economics consulting firms, corporations, trade associations, and individuals, with substantial support from cy-près grants approved by courts in antitrust cases. According to ''The New York Times'', the organization "has received funding from some tech companies." Activities The AAI is known for calling on the federal government to investigate or block mergers that the Institute deems as anticompetitive and harmful to consumers. The AAI's policy approach has been described as one that "favors strong enforcement of the traditional approach to antitrust", in contrast to tendencies such as t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rand McNally
Rand McNally is an American technology and publishing company that provides mapping software and hardware for consumer electronics, commercial transportation, and education markets. The company is headquartered in Rosemont, Illinois with a distribution center in Richmond, Kentucky. History Early history In 1856, William H. Rand opened a printing shop in Chicago and two years later hired a newly arrived Irish immigrant, Andrew McNally, to work in his shop. The shop did big business with the forerunner of the ''Chicago Tribune'', and in 1859 Rand and McNally were hired to run the ''Tribune''s entire printing operation. In 1868, the two men, along with Rand's nephew George Amos Poole, established Rand McNally & Co. and bought the Tribune's printing business. The company initially focused on printing tickets and timetables for Chicago's booming railroad industry, and the following year supplemented that business by publishing complete railroad guides. In 1870, the company ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Substitute Good
In microeconomics, substitute goods are two goods that can be used for the same purpose by consumers. That is, a consumer perceives both goods as similar or comparable, so that having more of one good causes the consumer to desire less of the other good. Contrary to complementary goods and independent goods, substitute goods may replace each other in use due to changing economic conditions. An example of substitute goods is Coca-Cola and Pepsi; the interchangeable aspect of these goods is due to the similarity of the purpose they serve, i.e. fulfilling customers' desire for a soft drink. These types of substitutes can be referred to as close substitutes. Substitute goods are commodity which the consumer demanded to be used in place of another good. Economic theory describes two goods as being close substitutes if three conditions hold: # products have the same or similar performance characteristics # products have the same or similar occasion for use and # products are sold in th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ceteris Paribus
' (also spelled ') (Classical ) is a Latin phrase, meaning "other things equal"; some other English translations of the phrase are "all other things being equal", "other things held constant", "all else unchanged", and "all else being equal". A statement about a causal, empirical, moral, or logical relation between two states of affairs is ''ceteris paribus'' if it is acknowledged that the statement, although usually accurate in expected conditions, can fail because of, or the relation can be abolished by, intervening factors. chapter 2 A ''ceteris paribus'' assumption is often key to scientific inquiry, because scientists seek to eliminate factors that perturb a relation of interest. Thus epidemiologists, for example, may seek to control independent variables as factors that may influence dependent variables—the outcomes of interest. Likewise, in scientific modeling, simplifying assumptions permit illustration of concepts considered relevant to the inquiry. An example ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trinity College Dublin
Trinity College Dublin (), officially titled The College of the Holy and Undivided Trinity of Queen Elizabeth near Dublin, and legally incorporated as Trinity College, the University of Dublin (TCD), is the sole constituent college of the University of Dublin in the Republic of Ireland. Founded by Queen Elizabeth I in 1592 through a royal charter, it is one of the extant seven "ancient university, ancient universities" of Great Britain and Ireland. Trinity contributed to Irish literature during the Georgian era, Georgian and Victorian era, Victorian eras, and areas of the natural sciences and medicine. Trinity was established to consolidate the rule of the Tudor dynasty, Tudor monarchy in Ireland, with Provost (education), Provost Adam Loftus (bishop), Adam Loftus christening it after Trinity College, Cambridge. Built on the site of the former Priory of All Hallows demolished by King Henry VIII, it was the Protestant university of the Protestant Ascendancy, Ascendancy ruling eli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Elasticity Of Demand
A good's price elasticity of demand (E_d, PED) is a measure of how sensitive the quantity demanded is to its price. When the price rises, quantity demanded falls for almost any good (law of demand), but it falls more for some than for others. The price elasticity gives the percentage change in quantity demanded when there is a one percent increase in price, holding everything else constant. If the elasticity is −2, that means a one percent price rise leads to a two percent decline in quantity demanded. Other elasticities measure how the quantity demanded changes with other variables (e.g. the income elasticity of demand for consumer income changes). Price elasticities are negative except in special cases. If a good is said to have an elasticity of 2, it almost always means that the good has an elasticity of −2 according to the formal definition. The phrase "more elastic" means that a good's elasticity has greater magnitude, ignoring the sign. Veblen and Giffen goods are tw ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Frederic M
Frederic may refer to: Places United States * Frederic, Wisconsin, a village in Polk County * Frederic Township, Michigan, a township in Crawford County ** Frederic, Michigan, an unincorporated community Other uses * Frederic (band), a Japanese rock band * Frederic (given name), a given name (including a list of people and characters with the name) * Hurricane Frederic, a hurricane that hit the U.S. Gulf Coast in 1979 * Trent Frederic, American ice hockey player See also * Frédéric * Frederick (other) * Fredrik Fredrik or Frederik is a masculine Germanic given name derived from the German name '' Friedrich'' or Friederich, from the Old High German ''fridu'' meaning "peace" and ''rîhhi'' meaning "ruler" or "power". It is the common form of Frederick in N ... * Fryderyk (other) {{disambiguation, geo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
