| 单词 | free exit |
| 释义 | free exit The absence of obstacles to leaving a market. Difficulties over exit may be economic or legal. The main economic barrier to exit is sunk costs, which cannot be recovered by leaving a market. These mean that firms stay in lines of business which they would not enter if they were not already engaged in them, given what they now know. Similarly, employment protection laws and redundancy costs keep workers in existing jobs who the employers would not now take on. It is difficult to see how the law can prevent a firm from leaving a business completely, especially if it is insolvent. It is possible, however, to have legal obstacles to leaving parts of a type of business while retaining other parts. Railways, for example, have common carrier obligations to provide services on their tracks, and can only withdraw part of their services with approval from industry regulators. Similar restrictions apply to public utilities. |
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