15:38
Isn’t uchicago like Top 4 tho
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Warning
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LSDefine
Simple English definitions for legal terms
dumping
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A quick definition of dumping:
Dumping is when a company sells a lot of goods in another country for a price that is lower than what they sell it for in their own country. This can hurt the businesses in the other country because they can't compete with the low prices. To protect their own businesses, some countries have laws that prevent dumping.
A more thorough explanation:
Dumping refers to the act of selling a large quantity of goods at a price that is less than the fair value. This can also occur when goods are sold abroad at a price that is lower than the market price at home.
A company in Country A produces shoes and sells them for $50 per pair. The same company decides to sell the same shoes in Country B for $30 per pair. This is an example of dumping because the shoes are being sold at a price that is less than the fair value.
Another example is when a company in Country C produces steel and sells it for $500 per ton. The same company decides to sell the same steel in Country D for $300 per ton. This is also an example of dumping because the steel is being sold at a price that is lower than the market price at home.
Dumping can harm domestic companies because they cannot compete with the low prices of the foreign goods. To prevent this, some countries have antidumping laws that protect their domestic companies.