Examlex
If people are not informed about the workings of government, then they cannot vote intelligently. People cannot vote intelligently. Therefore, people are not informed about the workings of government.
Short-run Equilibrium
A condition in which demand and supply are equal in a particular market or industry, but only for a temporary period due to fixed factors in the short term.
Monopolistic Competition
A market structure characterized by many firms offering products that are similar but not identical, leading to competitive pricing and product differentiation.
Monopoly
A market structure characterized by a single seller selling a unique product in the market.
Product Differentiation
The technique of setting a product or service apart from competitors to enhance its appeal to a distinct target audience.
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