Examlex
Alice consistently judges two cities that are on the same highway as being closer to each other compared to two cities that are actually physically closer but after "further" away due to the highways connecting them.This discrepancy in apparent distance is an example of
Deregulation
The removal or reduction of government restrictions and regulations in an industry to encourage increased competition.
Reduced Prices
The offering of goods and services at lower rates than originally marked, often to clear inventory or boost sales.
Competition
The economic rivalry among businesses to attract customers, increase sales, and achieve a higher market share.
Natural Monopoly
A type of monopoly that occurs when a single firm can supply the entire market at a lower cost than any potential competitors, often due to high fixed costs.
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