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Course: 25C00100 - Entrepreneurship and Innovation Management, 01.11.2018-22.11.2018 (25C00100_1133538837)
Glossary: Glossary
I
incomplete contractsFactors that prevent complete contracting
|
incumbentsIncumbent is a firm that is already operational in a
market. Entrant is a firm that is aspiring to enter the market. |
indifference curveIndifference curve denotes different combinations of price and quality that are of equal value to the consumer. So the consumer would be indifferent between choosing a higher quality product for a higher price, or a lower quality product with a correspondingly lower price. |
information asymmetryInformation asymmetry means that Jane knows more about
her business and future intentions than Emma, and vice versa. For example, Jane
knows that she doesn’t have a cost advantage but she counts on Emma not knowing that, and uses this to her
advantage. |