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Economies of Scale
The cost advantages that enterprises obtain due to their scale of operation, resulting in decreased costs per unit.
Perfect Competition
A market structure characterized by many buyers and sellers, homogenous products, no barriers to entry, and perfect information.
Pure Monopoly
A market structure where a single seller controls the entire market for a particular product or service, facing no competition.
Economic Efficiency
A state where every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency.
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