Antakya Turkey for monopolistic competition: an industry that consists of many small firms who produce goods that are slightly different from firm to firm, but where the barriers to entry and exit are nonexistent. monopoly: an industry that consists of one firm serving the entire market, where the barriers to entry are high enough to keep all other firms out for some period of time. monopsony: a market with only one buyer for a particular good. Monopsony is often discussed in the context of labor markets, where only one employer for a specific type of labor exists. moral hazard: opportunistic behavior where one person is able to take advantage of another person, because the opportunistic individual has additional information or does not bear the true cost of their actions. multiplier effect: the overall effect of a change in expenditure on the income of an economic system. In many cases, the change in income is greater than the change in expenditure (e. Antakya Turkey 2016.
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