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How does adverse selection affect the economic efficiency of the used car market?
Low Entry Barriers
Conditions that make it easy for new competitors to enter an industry, typically leading to increased competition.
Collusion
A non-competitive, secret agreement between rivals to limit competition, set prices, or control market shares.
Four-Firm Sales Concentration Ratio
The percentage of total industrial sales accounted for by the four largest firms within a specific market, used to measure the degree of market concentration.
Geographic Concentration
The phenomenon of economic activity or specific industries clustering in specific regions or areas.
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