Examlex
A country has a comparative advantage over another only if it is able to produce all products more cheaply.
Perfectly Competitive Market
A market structure characterized by many buyers and sellers, free entry and exit, and a homogeneous product.
Market Price
The current price at which a good or service can be bought or sold in a marketplace, determined by supply and demand.
Cartel
A formal agreement among competing firms to control prices or exclude entry of a new competitor in the market.
Market Price
The current price at which an asset or service can be bought or sold in a particular market.
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