Examlex
When working with adolescents, try to work on each aspect of language in isolation.
Monopolistically Competitive
A market structure characterized by many firms selling products that are substitutes but not perfect substitutes, leading to some degree of market power for each firm.
Fixed Costs
Costs that do not change with the level of output produced, such as rent, salaries, and loan repayments.
Short Run
A period in which at least one of a firm's inputs is fixed and cannot be changed.
Monopolistically Competitive
A market structure with many firms selling products that are substitutes but differentiated enough that each firm's product has its own demand.
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