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Product Differentiation
The process or strategy of distinguishing a product or service from others in the market to make it more attractive to a particular target market.
Advertising
The practice of promoting products, services, or brands through various media to attract consumer interest or engagement.
Economic Profit
The profit a firm makes after deducting both its explicit (out-of-pocket) and implicit (opportunity) costs, reflecting the total financial gain that exceeds the firm's total costs.
Demand Schedule
A table that shows the quantity of a good or service that consumers are willing and able to purchase at various price points, at a specific time.
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