What Is an "Ethnic Entrepreneur"? Give an Example

question 144

Short Answer

What is an "ethnic entrepreneur"? Give an example.

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Definitions:

Monopolistically Competitive

Describes a market structure where many firms offer products that are similar but not perfect substitutes, resulting in some control over pricing.

Short-Run Equilibrium

is a condition in which market supply and demand balance out at a certain price level, but only temporarily.

Monopolistically Competitive

describes a market structure where many firms sell products that are similar but not identical, allowing for competition.

Average Total Cost

The total cost divided by the quantity of output produced; it includes both fixed and variable costs.