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Horizontal Axis
The “left-right” or “west-east” measurement line on a graph or grid.
Economic Profit
The discrepancy between a company's complete income and its aggregate expenditures, covering both out-of-pocket and assumed costs.
Purely Competitive
A market structure characterized by a large number of sellers offering identical products, with easy market entry and exit and no single seller controlling market prices.
Differentiated Product
A merchandise unique from its rivals due to its superior quality, distinctive features, or branding.
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