Examlex
The U.S.preference for __________ economic policies helps to explain why we have a smaller and more limited government than do most other advanced industrialized countries.
Perfect Competition
A market structure characterized by a large number of small firms, a homogeneous product, freedom of entry and exit, and perfect information, leading to firms being price takers.
Consumer Surplus
The difference between what consumers are willing to pay for a good or service and what they actually pay, representing the benefit to consumers.
Natural Monopoly
A market condition where due to high fixed costs or unique resources, a single firm can supply a good or service to an entire market at a lower cost than what two or more firms could.
Monopolist
A single seller in a market, who has significant market power and can influence the price of goods or services.
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