As a result of free trade, the power of monopolies has declined in Small Land. This is an example of:

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The decline in the power of monopolies is a result of the foreign trade effect, which is the impact of international trade on the domestic market. Free trade allows for greater competition and a wider range of options for consumers, which diminishes the monopolistic power of certain companies. Technological diffusion, catch-up effect, and structural change effect are different mechanisms that could lead to economic growth but are not specifically related to the decline of monopolies.

As a Result of Free Trade, the Power of Monopolies