Examlex
Ralph only gets to watch television in the afternoons if he doesn't hit his sister.Otherwise, he must spend the afternoon in his room.This is an example of
Efficient
The characteristic of maximizing productivity with minimal waste, effort, or expense.
Inefficient
Describes a market or economy in which there are missed opportunities: some people could be made better off without making other people worse off.
Oligopoly
A market structure characterized by a small number of firms dominating the market, leading to limited competition and often higher prices for consumers.
Differentiated Product
A product that is distinct from similar products offered by competitors because of features, branding, quality, or other attributes.
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