14:06
hi everyone! I've been in DC for the past days. Anybody else get a WashU interview?
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Simple English definitions for legal terms
market share
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A quick definition of market share:
Market share refers to the portion or percentage of a particular market that a company or business supplies with its products or services. It is calculated by dividing the company's output by the total output of the market. In simpler terms, it is the amount of business a company has compared to its competitors in a specific market. Market share is important because it helps companies understand their position in the market and make decisions on how to improve their products or services to gain more customers.
A more thorough explanation:
Market share refers to the percentage of the total market for a particular product or service that a company supplies. It is calculated by dividing the company's output by the total market output.
For example, if a company produces 100 units of a product and the total market output is 1000 units, then the company's market share would be 10%.
Market share is often used in antitrust law to measure a company's market power. If a company's market share is high enough, usually 70% or more, it may be considered guilty of monopolization.
For instance, if a company has a market share of 80% in the smartphone industry, it may be accused of having too much control over the market and limiting competition.