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Standardized Product
Goods or services that are uniform in quality and performance, allowing them to be interchangeable among consumers.
Market Share
The segment of a market dominated by a specific company or product.
Perfect Competition
A market structure characterized by a large number of small firms, a homogeneous product, free entry and exit, and perfect information, leading to price takers.
Price Taker
A market participant that accepts the prevailing prices in the market, unable to influence prices through their own actions.
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