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How do modern-day lemurs of Madagascar demonstrate the concept of adaptive radiation?
Corporate Hierarchy
A structure in corporations that defines the levels of authority, roles, and responsibilities from top management to lower-level employees.
Natural Monopoly
A natural monopoly occurs when a single firm can supply the entire market at a lower cost than could be achieved by multiple firms due to economies of scale.
Economies of Scale
The cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale as fixed costs are spread out over more units of output.
Imperfect Competitors
Firms or entities in a market structure where they have some control over the price of their products, due to lack of perfect competition.
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