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Identify three key components of the pre-crisis planning phase.
Natural Monopoly
A market where a single supplier can produce output at a lower cost than multiple competitors, often due to economies of scale.
Increasing Returns
A situation where the input in a production process is increased and the output increases at a proportionally higher rate.
Price Discrimination
Charging different prices to different consumers for the same good.
Price Fixing
An illegal agreement among competitors to set, raise, or lower prices to predetermined levels, thereby undermining free market competition.
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