Examlex
Which of the following individuals is the most likely to help you make a rational decision about whether to make a costly repair to your house?
Natural Monopoly
A market condition in which a single firm can provide a product or service at a lower cost than any potential competitors, often due to economies of scale.
Economies of Scale
Cost advantages reaped by companies when production becomes efficient, as the scale of the operation increases.
Exclusive Franchise
A business arrangement granting a single entity the right to market a company's goods or services within a specified territory.
Deregulation
The process of reducing or eliminating government controls or restrictions on industries to promote efficiency and competition.
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