Examlex
Most of the buying and selling in primary markets:
Social Inefficiencies
Situations where resources are not allocated efficiently due to factors such as externalities, public goods, or market power, leading to a loss of social welfare.
Monopolist
A single seller in a market with no close substitutes for the product or service, giving them significant control over prices and output.
Supply Curve
A graphical representation showing the relationship between the price of a good or service and the quantity of that good or service that a supplier is willing and able to supply to the market.
Marginal Cost Curve
A graphical representation that shows how the cost of producing one additional unit of a good changes as the production volume varies.
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