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Willie is from a poor home and dreams of becoming a doctor. His grades are not good enough to gain entrance to university, so he gives up his dream and works a series of menial jobs for the rest of his life. In strain theory terms, what is Willie?
Marginal Costs
The augmented cost incurred by the production of an extra unit of a product or service.
Tacit Collusion
A non-explicit agreement among competitors to limit competition and increase prices or profits without direct communication.
Number of Firms
The total count of businesses operating within a particular market or industry.
Price Leadership
A strategy where the dominant firm in a market sets the price of goods or services, and other competitors follow suit, often seen in oligopolistic markets.
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