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Sonja, a supervisor in a garment factory, believed that her workers were lazy and tried to get away with doing as little work as possible. Sonja's attitude about the workers corresponds to McGregor's Theory Y.
Market Power
The ability of a firm or group of firms to influence the price or control the supply of a good or service in a market.
Monopoly Markets
Markets dominated by a single seller, where the monopolist has significant control over the price and supply of a product or service.
Deadweight Losses
Economic inefficiencies that arise when market equilibrium is not achieved, often resulting from monopolies, taxes, subsidies, or price controls, leading to lost welfare for consumers or producers.
X-inefficiency
The difference between efficient behavior of businesses under competitive environments versus the inefficiency that arises in the absence of competition.
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