Examlex
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Unregulated Monopoly
A market condition where a single company or entity exclusively controls a particular industry or service without any governmental restrictions or oversight.
Pure Competition
A market structure characterized by a large number of small firms producing an identical product in an industry (market area) that permits complete freedom of entry and exit. Also called price-taker markets.
Efficient Allocation
The process of distributing resources in a way that maximizes the net benefit received from their use.
Monopoly Power
The ability of a company or group to control the market for its product or service, thus limiting competition.
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