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Oligopolistic Firms
Companies operating in a market structure characterized by a few dominant firms, with significant control over their pricing and market strategies.
Price Competition
A market situation where businesses attempt to attract customers by undercutting each other's prices.
Market Structure
Describes the competitive environment of a market, characterized by factors such as number of firms, product differentiation, and ease of entry.
Homogeneous Products
Goods that are identical in quality and cannot be distinguished from one another by consumers, often found in perfectly competitive markets.
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