Examlex
Which statement is true about the interstellar medium?
Pure Monopolist
An entity that is the sole provider of a particular product or service in the market, facing no direct competition.
Pure Monopoly
A market structure where a single seller controls the entire supply of a product or service, and no close substitutes exist.
Long-run Equilibrium
A state in which all resources are optimally allocated, and all firms in the industry are making normal profits, with no external pressures for change.
X-inefficiency
The inefficiency that occurs in a firm due to a lack of competitive pressure, leading to higher costs than necessary.
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