Describe the Problems Apparent in the Shrinking of the Aral

question 20

Essay

Describe the problems apparent in the shrinking of the Aral Sea with particular reference to the causes.Consider the likely future state of the Aral Sea over the next few decades.

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Definitions:

Natural Monopoly

A type of monopoly that exists due to the high fixed or start-up costs of operating a business in a specific industry, making it inefficient for new firms to enter.

Limited Market

A market with restrictions on the scope of products or services that can be sold or on who can participate as buyers or sellers.

Pure Monopolists

Firms that are the sole provider of a product or service with no close substitutes, granting them significant control over market price.

Economic Profits

Economic profits are the excess over total costs, including both explicit and implicit costs, representing the additional amount earned by resources over their next-best alternative.