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Nonprice Competition
A strategy used by businesses to attract customers through methods other than price, like quality, service, and brand reputation.
Product Promotion
Activities undertaken to inform potential customers about a product or service, encouraging its purchase.
Real Characteristics
Essential and tangible attributes or features of goods, services, or economic conditions that can be measured and evaluated.
Economic Profit
The difference between total revenue and total costs, including both explicit and implicit costs, representing the profit beyond the normal return on investment.
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