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contemporaneous externality (D6, QO) An economic activity affecting another type of production in the same time period, e.g. bee-keeping helps fruit farming.<br /><em>See also:</em> sequential externality contestable markets thesis (Ll)<br />BAUMoL's view that competition can be maintained by the state ensuring that an industry's barriers to entry are kept low. Under such circumstances, free entry and exit will maintain the market in a competitive state. This thesis is compatible with recent UK COMPETITION POLICY.<br /><em>Reference</em><br />Baumol, W.J., Panzar, L.C. and Willig, R.D. (1982) Contestable Markets and the Theory of Industry Structure, New York: Harcourt Brace Jovanovich.
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<strong>Proration</strong> – A reduction of the standard annual loan limit for an undergraduate student if the student' s program or remainder of the program is less than a full academic year in length.
Securities and Exchange Commission (G2)<br />US regulatory body set up in 1933 with the task of regulating US SECURITIES markets, the offer of securities to the public, mutual funds, investment companies, public utility securities and investment advisers.<br /><em>See also:</em> blue-sky laws
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