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Discuss three examples of change in consumption and exchange in recent times.
Government-operated Firms
Businesses owned and managed by a government in order to provide goods or services to the public.
Economic Efficiency
An arrangement whereby resources are utilized in the most efficient way to increase the output of goods and services at the minimum possible cost.
Monopoly Power
The ability of a single entity or company to control or dominate a particular market, often leading to higher prices and reduced competition.
Oligopolists
Firms or entities within an industry where a small number control the majority of the market share, often leading to limited competition.
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