Respuesta :
A market where all producers have access to the same technology, consumers respond quickly to price changes, firms cannot quickly lower price, and there are no sunk costs is called a contestable market.
In the field of economics, the term "contestable" refers to a business's vulnerability to challenge or competition from aspiring competitors. In other words, a contestable market is one where businesses have low sunk costs and can enter and exit at will.
According to the theory of contestable markets, there is always a risk that new competitors will enter the market and challenge the current, well-established companies when access to technology is equal and barriers to entry are thin, low, or nonexistent.
The ongoing threat of contestability puts pressure on the businesses already active in the market, keeping them alert and affecting how they conduct business. In such a setting, prices are typically kept low and monopolies are less likely to form.
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