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GDP is not a perfect measure of well-being because
Monopolies
Market structures characterized by a single seller dominating the entire market for a particular good or service, often leading to reduced competition.
Economic Dominance
A situation where a company, product, or country has enough market power to influence market conditions or prices on a large scale.
Statutory Law
Laws and regulations enacted by legislative bodies at the federal, state, or local levels.
Judicial Precedent
A principle or rule established in a previous legal case that is binding or persuasive for a court when deciding subsequent cases with similar issues or facts.
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