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Explain the two forms of price elasticity of demand.
Monopolistic Industry
An industry structure characterized by a single producer or a handful of producers who control the majority of the market share, limiting competition.
Single, Unique Product
A product that is the only one of its kind and has no close substitutes in the market.
Blocked Entry
A situation in which new firms are prevented from entering a market due to high barriers to entry, such as high startup costs or strict regulations.
Oligopoly
A market structure characterized by a small number of firms controlling the majority of market share, leading to limited competition.
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