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Define the balance of payments,and briefly describe its two components.
Monopolistic Competition
refers to a market structure where many firms sell products that are similar but not identical, each having some control over its price.
Product Differentiation
The process of distinguishing a product or service from others, to make it more attractive to a particular target market.
Barriers to Entry
Factors that make it difficult for new firms to enter an industry, such as high startup costs or strict regulations.
Monopolistically Competitive
Describes a market structure where many firms sell products that are similar but not identical.
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