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-The above figure illustrates
Monopolistic Competition
A market structure in which many companies sell products that are similar but not identical, allowing for product differentiation.
Monopolistic Competitor
A market structure where many firms sell products or services that are similar but not identical, allowing for significant differentiation among them.
Local Monopoly
A situation where a single firm has significant control or is the only provider of a product or service in a particular local market, limiting competition.
Drugstore
is a retail shop where medications, as well as other household items and cosmetics, are sold.
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