Examlex
Which of the following "values" do species have, according to claims made by biologists?
Market Failure
A situation in which the allocation of goods and services by a free market is not efficient, often justifying government intervention.
Monopoly
A monopoly exists when a single entity exclusively controls the supply of a particular good or service, often limiting competition.
Externalities
Economic side effects or consequences of commercial activities that affect other parties without being reflected in costs.
Price Mechanism
The process through which prices rise and fall as a result of changes in supply and demand, determining the allocation of resources in a market economy.
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