Examlex
Discuss how the Brazilian state is a mixture of professionalism and clientelism.
Natural Monopoly
An industry in which economies of scale are so great that a single firm can produce the industry’s product at a lower average total cost than would be possible if more than one firm produced the product.
Horizontal Market
A market that appeals to a wide range of consumers across different industries or sectors.
Contestable Market
A market with no barriers to entry or exit, where a company's prices and output are constrained by the threat of new entrants or competition rather than by existing competitors alone.
Public Interest Theory
A theory suggesting that regulations are created in response to the public's demand for fair and efficient markets.
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