Examlex
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Pure Competition
A market structure characterized by a large number of small firms producing identical products with no single firm influencing the market price.
Perfectly Elastic
Describes a demand or supply situation where quantity demanded or supplied changes by an infinite amount in response to any change in price.
Unique Product
A product that is distinctive and has no exact substitutes in the market, often giving its producer a competitive advantage.
Unit Price
The cost per unit of a product or service, which allows consumers to compare prices and value among different items.
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