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The price of diamonds is high,in part because the majority of the world's diamonds are controlled by a single firm.This is an example of
Households
Entities consisting of one or more people who live together and make joint decisions on consumption and other economic activities.
Firms
Business entities that produce goods or services, usually with the intention of selling them for a profit.
Opportunity Cost
The value of the best alternative forgone when a decision is made to use resources for a particular purpose.
Wage Increases
An upward adjustment in the amount of compensation employees receive for their work, often in response to inflation, productivity, or market demand.
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