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Pure Nondiscriminating Monopolist
A market situation where a single seller sells a product to all buyers at the same price without price discrimination.
Allocative Efficiency
A state of the economy in which production represents consumer preferences; in particular, every good or service is produced up to the point where the last unit provides a utility to consumers equal to the cost of producing it.
Productive Efficiency
A situation in which a good or service is produced at the lowest possible cost.
Monopolistic Producer
A single producer that has control over the market for a product or service, often characterized by a lack of close substitutes.
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