Examlex
Once a program is underway, planning is no longer a valued and needed management tool.
Market Power
The ability of a firm or group of firms to manipulate prices or output in a market.
Excess Capacity
The situation where a firm or an economy is producing less than its potential output, often indicating inefficiencies or a lack of demand.
Monopolistic Competition
A market structure characterized by many firms offering products that are similar but not perfect substitutes, allowing for some degree of market power.
Pure Competition
A market structure characterized by a large number of sellers and buyers, homogeneous products, and the ease of entering and exiting the market.
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