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Pure Monopoly Model
Describes a market structure in which a single seller sells a unique product in the market without any competition.
Productive Efficiency
Refers to a situation where an economy or entity cannot produce more of one good without affecting the production of another good, operating at the lowest possible cost per unit.
Allocative Efficiency
A state of resource allocation where goods and services are distributed according to consumer preferences, maximizing overall social welfare.
Economically Inefficient
A condition where resources are not utilized in the best possible manner, leading to potential waste or losses in terms of welfare or output.
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