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Profit as a measure of monopoly power

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Profit as a Measure of Monopoly Power

1. In order to protect consumers from predatory business practices, governments in open-market economies often establish antitrust laws. The Canadian Competition Act, for example, is intended to protect consumers by prohibiting anticompetitive business practices and promoting competition in the Canadian marketplace. Evaluate the wisdom of having the Competition Bureau (responsible for the administration and enforcement of the Competition Act) use profit as a measure of monopoly power in deciding whether to prosecute a case. Is profit the best measure of monopoly power? How would such a rule be expected to affect the behaviour of firms with high profits?

Reference no: EM132473282

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