Examlex
Spain's importation of massive amounts of precious metals from the New World led to
Natural Monopoly
A market situation where due to high fixed costs or barriers to entry, it is most efficient for production to be concentrated in a single firm.
Economies Of Scale
The cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.
Monopolist
A solo seller in a market who has significant control over the pricing and availability of a unique product or service.
Profit-Maximizes
The method or approach of modifying production and pricing to secure the maximum achievable profit.
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