Examlex
In graphical form,the effect of imposing a tax on a good is shown as
Market Power
The ability of a company or entity to influence or control the terms and conditions of the market to some degree, affecting prices and competition.
Externalities
Financial consequences for unrelated third parties, which can manifest as either positive or negative effects.
Perfectly Competitive
Describes a market structure where many firms sell identical products, there are no barriers to entry, and no single buyer or seller can influence the market price.
Allocate Resources
The process of distributing available resources, such as labor, capital, and land, among various uses to fulfill societal needs and wants.
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