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What is the key factor in a representative democracy?
Herfindahl Index
An economic indicator used to assess industry concentration by adding up the squares of individual firms' market shares, highlighting monopoly power.
Market Power
The ability of a firm or group of firms to control prices or exclude competition in a particular market.
Price Competition
A situation in which sellers actively compete with one another to offer goods or services at the lowest possible price.
Herfindahl Index
A measure of market concentration used to determine the level of competition within an industry, calculated by summing the squares of the market shares of all firms in the industry.
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