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Mike is the local political agitator and has been on his soap box to denounce the local mayor of the city where he lives. He claims the mayor has stolen from the city treasury and calls on all citizens to march on city hall. During his speech, Mike burns in effigy a likeness of the mayor. Mike was arrested by city police and charged with inciting a riot and slander, as well as making threats against a public official.
X-Inefficiency
The difference between efficient behavior of businesses theoretically assumed or envisaged and their observed behavior in reality due to a lack of competitive pressure.
Competitive Firms
Businesses operating in a market where they must compete with others for the same customers, without having significant control over market prices.
Monopolistic Firms
Companies that have the majority of market share within their industry, allowing them to affect pricing and market conditions.
Absent
Not present or missing in a particular place or situation.
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