Examlex
When Brett was only six years old, his older sister hid in his closet and then unexpectedly jumped out and scared him when he came into his dark bedroom. As an adult, Brett is still terrified of the dark. Based on principles of classical conditioning, Brett's current fear of the dark is a(n)
Monopolist
A single seller in a market who controls the supply of a product or service, and thus, has significant power to set prices.
Deadweight Loss
The drop in economic productivity happening when the optimal free market balance for a good or service isn't met.
Price Ceiling
A price ceiling is a government-imposed limit on how high the price of a good or service can be charged in the market, usually set below the equilibrium price to ensure affordability of essential goods.
Monopolist
An entity that is the sole provider of a particular good or service, giving it the ability to control market prices and output levels.
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