The Berry Amendment requires U.S. defense procurement come from domestic sources, Australia does not have an equivalent. The U.S. protects its national interests and its domestic defense capability and capacity through a series of strict common sense procurement rules governed by legislation such as the Buy American Act and the Berry Amendment. In order to […]
Category: Business General
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An oligopoly has various academic definitions that describe the same kind of market structure: an inefficient market with market power concentrated in a small number of firms where consumers are overpaying for the particular good or service at a given level of quality. Overpaying takes various forms including an inferior product being overcharged for, or an OK product commanding a significant price premium due to the market structure (e.g. artificially restricted supply).