Examlex
Explain the importance of self-interest in the operation of a market system.
Economies of Scale
Cost advantages achieved when an enterprise increases production and efficiency, reducing the cost per unit.
Natural Monopolies
A type of monopoly that occurs when a single firm can supply a good or service to an entire market at a lower cost than two or more firms.
Patents
Legal rights granted to inventors or assignees for a certain period of time, allowing them to exclude others from making, using, or selling an invention.
Perfectly Competitive Firms
Businesses operating in a market where no single buyer or seller has the power to influence prices, and products are homogeneous, resulting in many sellers and buyers.
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