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Ratios permit comparison across different:
Close Substitutes
Goods or services that can easily replace each other in consumption, offering consumers nearly identical satisfaction.
Natural Monopoly
A market situation where a single firm can supply a good or service to an entire market at a lower cost than could multiple firms.
Minimum Efficient Scale
The smallest scale of production at which long-term average costs are minimized, reflecting the point at which economies of scale are fully exploited.
Exclusive Legal Right
An exclusive legal right is a privilege granted by law to an individual or entity to engage in a particular activity or to use a particular property, which is protected against infringement or unauthorized use by others.
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