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________ are managers of pensions and mutual funds, as well as insurance companies who have assumed an enormous role in driving capital markets around the world.
Market Power
The ability of a firm or group of firms to manipulate the price of a good or service in the market by controlling supply, demand, or both.
Long-run Equilibrium
A state in which all factors of production are fully adjusted to the economic conditions, and all inputs and outputs are at their optimal levels without any external pressures.
Monopolistically Competitive
A market structure where many firms sell products that are similar but not identical, allowing for significant differentiation and competition.
Monopolistic Competition
A market structure characterized by many firms selling products that are substitutes but differentiated from each other (e.g., through branding), leading to non-price competition.
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