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Though He Spoke No English,Miguel Emigrated to the United States

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Though he spoke no English,Miguel emigrated to the United States for a job.At first,conversations of native English speakers seemed to him to run together into one long word,but now he can hear where each word begins and ends.This process is called


Definitions:

Market Model

A theoretical construct that describes the workings of a market through a set of mathematical equations or principles, aiming to predict the outcome of market forces.

Price

The price associated with purchasing a good, service, or asset.

Negligible Fraction

A very small part or amount that is considered insignificant in size or importance.

Purely Competitive Market

A market structure featuring many sellers offering identical products, leading to competition based on price rather than product differentiation.

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