Examlex
What are the advantages for a manufacturer of parts standardization and modular architecture and how are they related?
Natural Monopolies
Market conditions where a single firm can supply a good or service more efficiently than any competitor due to economies of scale, hence dominating the market.
Positive Feedback
Put simply, success breeds success, failure breeds failure; the effect is seen with goods that are subject to network externalities.
Marginal Social Benefits
The additional benefits to society as a whole from producing one more unit of a good or service.
Socially Optimal Level
The level of output or activity where the benefits to society are maximized, taking into account both private and external costs and benefits.
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