Examlex
Which of these concepts was used by Robert Michels to refer to the rule of the many by the few?
Government Rules
Regulations and guidelines established by government authorities to govern behavior, enforce standards, and protect the public interest.
Economies Of Scale
The cost per output unit tends to decrease as the operational scale increases, providing companies with financial advantages due to their size.
Competitively Organized Industry
An industry structure where numerous firms compete with each other to sell similar but not identical products.
Collusively
In a manner where firms in an industry work together secretly to set prices or otherwise manipulate market conditions to their advantage.
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