Examlex
What is the purpose of a code of ethics? Describe four of the seven steps that experts say will result in an effective code of ethics.
Monopolistic Industry
An industry dominated by a single firm that has control over the market prices and production.
Unique Product
A product that has distinct features or attributes making it different from others in the market.
Blocked Entry
A situation where new firms are unable to enter an industry due to high barriers to entry, such as high start-up costs or stringent regulations.
Oligopolistic Industry
A market structure characterized by a small number of large firms dominating the industry, with significant barriers to entry for new competitors.
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