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The contact hypothesis suggests that if an African American boss and her Italian employee work together for several years in the same office, they will become more prejudiced toward one another.
Duopoly
A market structure in which two companies own all or nearly all of the market for a given product or service.
Price Effect
The impact on demand when the price of a product or service changes, influencing consumers' buying decisions.
Marginal Cost
The additional expense required to produce an extra item or unit of output, emphasizing its role in economic decision-making.
Fixed Cost
A cost that does not change with the amount of goods or services produced, such as rent, salaries, or loan payments.
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