Examlex
One of the major characteristics of a cartel is that it has a highly elastic demand curve.
Deadweight Loss
A decrease in economic efficiency that happens when a good or service does not reach or cannot reach its equilibrium.
Profit Maximizing
The method or approach of aligning production and pricing to maximize profit.
Demand Curve
A graphical representation showing the relationship between the price of a good or service and the quantity demanded by consumers, typically downward sloping.
Monopsony Power
The market power held by a single buyer to influence the price at which they purchase goods or services.
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