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In economics, the theory of contestable markets, associated primarily with its 1982 proponent William J. Baumol, holds that there are markets served by a small number of firms that are nevertheless characterized by competitive equilibria (and therefore desirable welfare outcomes) because of the existence of potential short-term entrants.

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conterminous, conterminously, conterminousness, contest, contestable, contestableness, contestably, contestant, contestation, contestee

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