Legal Dictionary

Search results for: “imperfect competition”

  • Competition

    Financial Definition of Competence Meaning of Competence Sufficient ability or fitness for ones needs. Possessing the necessary abilities to be qualified to achieve a certain goal or complete a project. […]

  • Oligopoly

    Oligopoly

    A term used in economics describing situations where only a few sell a given product. See Northern Natural Gas. Co. v Fed. Power Comm., (D.C.App.) 399 F.2d 953. Also, the term is used in the context of statutes aimed at preventing monopolies, in the sense of a large corporation or several […]

  • Administered price theory

    A theory proposed by some economists that the prices charged by most or at least many large industrial corporations are administered, i.e., not set by market forces but by actual or tacit collusion among the firms (which are all price makers rather than price […]

  • Gift

    A voluntary transfer of any thing made without consideration or expectation of consideration. The essential components of a valid completed gift of personal property are: competency of the donor to give the gift; voluntary intent on the part of the donor to make a gift; delivery […]

  • Payment

    The transfer of money from one person to another with the assent of both parties . A transfer made without such assent will not constitute payment. The term also denotes the delivery to and the acceptance by a creditor of any other valuable thing in reduction or […]