By Dr Moritz Lorenz
Succinct and concise, this textbook covers all of the procedural and sizeable features of ecu festival legislations. It explores fundamental and secondary legislation during the prism of ECJ case legislation. Abuse of a dominant place and merger keep an eye on are mentioned and a separate bankruptcy on cartels guarantees the scholar gets the broadest attainable point of view at the topic. furthermore, the book's constant constitution aids figuring out: part summaries underline key rules, questions toughen studying and essay dialogue themes motivate additional exploration. via commencing the industrial ideas which underpin the topic, the writer permits the coed to have interaction with the complexity of pageant legislations with self belief. built-in examples and an uncluttered writing type make this required interpreting for all scholars of the topic.
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Extra info for An Introduction to EU Competition Law
248 para. 266 para. 262 para. 263 paras. 264 para. 267 paras. 268 para. 269 Commission Guidelines on the effect on trade concept contained in Articles 81 and 82 of the Treaty, OJ No. C 101 of 27 April 2004, p. 92 para. 219 para. 20 para. 22 para. 214 para. 21 para. 19 Fining Guidelines 1998 [Commission Guidelines on the method of setting ﬁnes imposed pursuant to Article 15(2) of Regulation No 17 and Article 65(5) of the ECSC Treaty, OJ No. C 9 of 14 January 1998, p. 88 Fining Guidelines [Commission Guidelines on the method of setting ﬁnes imposed pursuant to Article 23(2)(a) of Regulation No 1/2003, OJ No.
As such, the monopolist is a price setter instead of a price taker. The only restriction it faces in its price-setting is the reaction of consumer demand. To see this, recall that demand for a product is usually lower the higher the price. The higher the price the monopolist sets, the lower the quantity consumers will be willing to purchase. The monopolist therefore faces a trade-off between higher prices and lower volumes being sold. Contrary to the situation of a ﬁrm under perfect competition, whose individual demand curve will be horizontal, the monopolist faces a downward sloping demand curve.
Many of the markets we observe in reality are not characterised by a huge number of ﬁrms all acting as price takers or a single ﬁrm that can set prices without considering any competitive response. Instead, markets are often characterised by a limited number of ﬁrms that are aware of each other’s existence and their mutual interdependence. In economics, oligopoly models have been developed to describe and analyse such markets. Oligopoly models allow for interaction between ﬁrms in a given market.