Examlex
Microsoft's Windows operating system is a standardized product,since everyone who buys a particular version of the product gets exactly the same thing.This means that Microsoft is a perfectly competitive firm.
Economically Efficient
Refers to a situation where resources are allocated in the most effective way, maximizing production while minimizing waste and inefficiency.
Dollar Voting
Dollar voting is the concept where consumers influence market trends and production decisions through the choices they make with their spending.
Competitive Markets
Markets characterized by many buyers and sellers where no single participant has significant influence over market prices.
Median-Voter Model
A theoretical model in political science suggesting that the outcome of a majority-vote election is most likely to represent the preferences of the median voter.
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