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What are simple effects tests and when are they used?
Monopolistic Competition
A market structure where many firms sell products that are similar but not identical, leading to competition but with limited market power for each firm.
Consumer Awareness
The understanding and knowledge that consumers have about products, services, and their rights, influencing their purchasing decisions and behaviors.
Demand
The capacity of consumers to purchase a good or service, considering their willingness and financial ability, at diverse prices over an established period.
Economic Inefficiencies
Circumstances where resources are not optimally allocated, leading to waste or losses in potential value within an economy.
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