Examlex
Which of the following is NOT true about transition words?
Natural Monopolies
A type of monopoly that occurs when a single firm can supply a good or service to an entire market at a lower cost than two or more firms.
Patents
Legal rights granted to inventors or assignees for a certain period of time, allowing them to exclude others from making, using, or selling an invention.
Perfectly Competitive Firms
Businesses operating in a market where no single buyer or seller has the power to influence prices, and products are homogeneous, resulting in many sellers and buyers.
Industry Output
Industry Output is the total product or service produced within an industry, which is a key indicator of economic activity and health.
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