Kiransangha
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Minimum wages
Imperfectly competitive markets—such as monopolies, oligopolies, and monopolistic competition—deviate from the assumptions of perfect competition and often produce outcomes that are not socially optimal. Government intervention is typically justified when market power leads to allocative inefficiency, productive inefficiency, or consumer exploitation.
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Imperfectly competitive markets—such as monopolies, oligopolies, and monopolistic competition—deviate from the assumptions of perfect competition and often produce outcomes that are not socially optimal. Government intervention is typically justified when market power leads to allocative inefficiency, productive inefficiency, or consumer exploitation.