Monaco is a small city-state located in Southwestern Europe on the northern central coast of the Mediterranean Sea. Monaco is bordered by France. The government system is a constitutional monarchy; the chief of state is the prince, and the head of government is the minister of state. As one of the smallest independent states in the world, almost the entire country is urban. Monaco has a service-based market economy in which the prices of goods and services are determined in a free price system.
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