Examlex
Which of the following terms describes a white lesion that does not wipe off?
Pure Monopoly
A market structure where a single firm controls the entire supply of a product or service, with no close substitutes.
Barriers to Entry
Obstacles that make it difficult for new competitors to enter a market, such as high startup costs or complex regulations.
Natural Monopoly
A situation in the market where due to high initial costs and substantial economies of scale, a single firm can supply a product or service at a lower cost than any potential competitor, leading to a market dominated by one supplier.
Network Effects
Increases in the value of a product to each user, including existing users, as the total number of users rises.
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