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Income Redistribution
The governmental policy or action of adjusting the distribution of income, usually through taxation and welfare programs, to achieve a fairer society.
Monopoly Sellers
Single sellers in a market with no close substitutes for the product or service they offer, giving them significant control over prices.
Allocative Inefficiency
A situation where resources are not optimally allocated according to consumer preferences, often leading to overproduction or underproduction of certain goods or services.
Monopolist
An entity that has exclusive control over the supply of a particular good or service, setting prices without facing competition.
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