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Higher-Cost Producers
Firms that incur greater expenses in the production of goods or services compared to their competitors, often due to inefficiencies or higher input costs.
Invisible-Hand Concept
A term coined by Adam Smith to describe the self-regulating nature of the marketplace, where individuals' pursuit of self-interest leads to beneficial outcomes for society.
Self-Interest
The focus on actions or activities that are advantageous to an individual or organization.
Public Interest
The welfare or well-being of the general public, often considered as a guiding principle for governmental policy.
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