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Intense Market Competition
A market characteristic where numerous firms vie aggressively for market share, leading to innovations and competitive pricing.
Producer Surplus
The difference between the amount producers are willing and able to sell a good for and the actual amount they receive by selling it at the market price.
Price Level
The average of the current prices of goods and services in an economy, which can be compared over time to assess inflation or deflation.
Value Creation
The process through which businesses or organizations generate added value for customers, stakeholders, or society at large, often leading to competitive advantage.
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