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What is the Thomas theorem? With which sociological perspective does this theorem best align and why? Begin your answer by defining the Thomas theorem.
Competitive Market
A market structure characterized by a large number of sellers and buyers, where no single entity has the power to influence prices significantly.
Market Failure
Market failure occurs when the allocation of goods and services by a free market is not efficient, often leading to a net social welfare loss.
Economic Efficiency
A situation in which resources are used in a way that maximizes the production of goods and services at the lowest cost.
Ideal Economic Efficiency
A situation in which resources are allocated in a way that maximizes the net benefit to society.
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