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When a change involves multiple departments, top management support is especially important.
Monopoly
An economic condition where only one seller offers a distinctive product in the marketplace, with no similar alternatives available.
Natural Monopoly
A market condition where due to high fixed or start-up costs, efficient service is provided by a single firm instead of multiple competing firms, often seen in utilities sectors.
Fair-Return Price
For natural monopolies subject to rate (price) regulation, the price that would allow the regulated monopoly to earn a normal profit; a price equal to average total cost.
Allocatively Efficient
A state of resource allocation in which it is impossible to make any one individual better off without making someone else worse off.
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