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Discuss the attributes of human capital. Give examples of how firms work to develop and retain it.
Profit-maximizing Price
The price at which a firm can sell its product to maximize its profit, determined by market demand and production costs.
Product Differentiation
A strategy businesses use to distinguish their products from those of competitors in features, quality, or design to attract consumers.
Market Power
The ability of a firm or group of firms to manipulate the price or supply of a good or service in the market to their advantage, often by limiting production or increasing prices.
Product Differentiation
A marketing strategy that businesses use to distinguish their products from similar offerings in the market by varying features, branding, or quality.
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