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Explain the system of checks and balances and how it works, and set forth your opinion as to why or why not this system supports a democratic form of government.
Dominant Price Leader
A dominant firm that sets the price of a good or service within the market, which other firms then follow, often seen in oligopolistic markets.
Monopolist
An individual or entity that has exclusive control over the supply of a particular good or service, potentially influencing prices and market conditions.
Duopoly
An oligopoly where only two firms dominate the market or industry, often resulting in competitive or strategic behavior.
Oligopoly
A market structure characterized by a small number of firms whose control over the market is significant enough to influence prices and other market factors.
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