Examlex
The signatories of the 1928 Kellogg-Briand Pact, initiated by French prime minister Aristide Briand and U.S. secretary of state Frank B. Kellogg, agreed to
Monopoly
An economic setup where there is only one provider of a good or service, possessing total market control due to the lack of any similar alternatives.
Deadweight Loss
An economic inefficiency arising when there's a failure to attain the free market equilibrium for any product or service.
Monopolist
A market participant that is the sole seller of a product or service, having significant control over its price.
AC
Average Cost; the total cost of production divided by the number of units produced, indicating the cost per unit.
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