Examlex
What is "Reaganomics"? What were its effects on American society and the economy?
Inefficient
Describes a market or economy in which there are missed opportunities: some people could be made better off without making other people worse off.
Oligopoly
A market structure characterized by a small number of firms dominating the market, leading to limited competition and often higher prices for consumers.
Differentiated Product
A product that is distinct from similar products offered by competitors because of features, branding, quality, or other attributes.
Price Elasticity Of Demand
A measure of how much the quantity demanded of a good responds to a change in price.
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