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Miguel will be using scientific jury selection in an upcoming trial. The first step of this process will be to
Fixed Cost
Costs that do not change with the level of output produced, such as rent, salaries, and insurance.
Cartel
An agreement among competing firms to control prices or exclude entry of a new competitor in the market, often resulting in higher prices and restricted supply.
Duopoly
A market structure in which two companies own all or nearly all of the market for a given product or service.
Price Effect
The impact on demand when the price of a product or service changes, influencing consumers' buying decisions.
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