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Contestable markets
Freedom to enter an industry and exit costs are low
Hit and run competition
Firms enter a market at a low cost, attracted by high supernormal profits, and then leave the market at a low cost when profits fall
5 factors influencing contest ability of a market
-Deregulation eg Royal Mail in 2005
-tougher laws on collusion
Technological change eg internet
-labour laws
-patents
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