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For example, over the period 1985-1990 NZFP accounted for two-thirds of linerboard imports, which in total amounted to about two percent of domestic production.
(NZFP).(52) These have detailed the market power of the company, which was one of three monopoly concerns established with government help in the 1940's and 1950's to develop forestry processing.
The Commission found that NZFP, recognizing the disadvantages of overseas supplies, practiced limit pricing by setting domestic prices at a level just below that at which converters would consider importing.
In the 1987 decisions the Commission focused on the general lack of competitive constraints in finding NZFP dominant in the kraft paper and paperboard market.
The Commerce Commission's inclusion of potential import competition as a factor in determining whether a firm may have, or a merger may lead to dominance was decisive in several cases, but its stance has varied: from approving Robertshaw/Repco, where imports provided an ultimate, if nonbinding, constraint on price; to approving NZ Wire, despite its limit pricing and the inclusion of a large premium (alias monopoly profit?) for its nonprice advantages over imports; to condemning NZFP for limit pricing and earning supernormal profits.
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