Examlex
Quantitative measures of managerial success, such as production targets or quotas, are highly foolproof and are thus ideal to use in increasing economic efficiency.
Sole Supplier
A market situation in which only one company provides a particular product or service, potentially leading to monopoly power and less competitive prices.
Monopoly
A reiteration for a market structure with a single seller dominating the whole supply of a particular product or service, without close substitutes.
Substitutes
Goods or services that can be used in place of each other; when the price of one increases, the demand for the other increases.
Perfect Competition
Perfect competition describes a market structure where many firms sell identical products, entry and exit are easy, and no single buyer or seller has market power to influence prices.
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