In the foreword to Contestable Markets and the Theory of Industrial Structure published in 1982, Elizabeth Bailey
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In the foreword to Contestable Markets and the Theory of Industrial Structure published in 1982, Elizabeth Bailey noted:
‘The notion of contestable markets offers a generalization of the notion of purely competitive markets … in which fewer assumptions need to be made to obtain the usual efficiency results.’ Explain what Bailey meant by this statement.
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Baileys statement suggests that the concept of contestable markets builds upon the traditional under...View the full answer
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