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Price-Control Legislation
Laws enacted by a government to regulate the prices charged for goods and services in the market, often to protect consumers.
Invisible Hand Principle
The tendency of market prices to direct individuals pursuing their own interests to engage in activities promoting the economic well-being of society.
Price-Taker Markets
Markets in which individual buyers or sellers have no influence over the price of a product, typically due to the product being a commodity with many competitors.
Low Entry Barriers
Conditions that make it easy for new competitors to enter a market, including minimal financial, regulatory, or technological requirements.
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