Term
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Definition
| a combination of producers in the same industry under joint direction for the purpose of exerting monopoly power |
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Term
| price/rate discrimination |
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Definition
| charging different customers different rates for services of equal production costs |
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Term
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Definition
| laws that prohibit or limit monopolies or monopolistic practices |
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Definition
| a combination of firms in an industry to carry out a common purpose |
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Definition
| government control of the prices charged and services provided by firms that produce goods that are vital to the public's well-being |
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Definition
| an industry in which the economies of scale are so extensive that a single firm can supply the whole market more efficiently than two or more firms could; natural monopolies are generally public untilities |
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Term
| public utility commission |
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Definition
| a regulatory body whose members are appointed by government to set rates and services provided by public utility firms |
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Term
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Definition
| the process of eliminations government regulations and reducing the scope and power of regulatory bodies |
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Term
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Definition
| a good or services that can be used by many at the same times without diminishing any one person's consumption; it is difficult to exclude someone from using the good |
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Definition
| allowing the private sector to produce goods and services that once were provided by the government |
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Definition
| benefits that accrue to parties other than the producer and purchaser of the good or service; benefits for which payment is not collected |
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Definition
| goods that have a social value over and above their utility for the individual consumer |
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Term
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Definition
| external economies or external diseconomies |
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Term
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Definition
| costs of the production process that are not borne by the producer or by the purchaser of the product and are therefore not taken into consideration in production and consumption decisions |
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Term
| internalize external costs |
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Definition
| the process of transforming external costs into internal costs so that the producer and consumer of a good pay the full cost of its production |
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Term
| command-and-control regulations |
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Definition
| a system of administrative or statutory rules that requires the meeting of certain standards of performance |
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Term
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Definition
| a fee levied by the government on each unit of environmental pollutant emitted |
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