Quarterly Journal of Austrian Economics
Author:
Mateusz Machaj
Online Publish Date:
Volume 16, No.4 (Winter 2013) ABSTRACT : The aim of this paper is twofold: to reformulate the concept of contestable markets in the context of property boundaries, and to recapitulate the characteristics of “sunk costs.” The first section outlines the idea of contestable markets developed in the 1980s and contrasts it with the perfect competition