Examlex
The greed of businesspeople represents one of the greatest dangers to the operation of a free market system.
Natural Monopolies
Situations in which a single firm can supply a good or service to an entire market more efficiently than multiple firms could, often due to high infrastructure costs making competition impractical.
Allocative Efficiency
An economic state where resources are allocated in a way that maximizes the net benefit to society, considering both production and desires of consumers.
Simultaneous Consumption
A consumption pattern in which a product or service is consumed by multiple users at the same time without reducing its availability to others.
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