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Ethylene glycol is used commonly as an antifreeze in automobile radiators. Automobile temperatures in the U.S. are commonly measured in degrees Fahrenheit. A 50:50 mixture of ethylene glycol and water by volume protects down to about -30°F. What is the boiling point in °F of this 50:50 mixture? (C2H6O2, 62.07 g/mol, 1.1132 g/mL, Kb = 0.94°F/m).
Competition
The rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of the marketing mix: price, product, distribution, and promotion.
Business-stealing Externality
A situation where a new entrant in a market captures a portion of the incumbent firms' customers, causing economic losses to existing businesses.
Product-variety Externality
An economic effect where the variety of products available in the market impacts the welfare of consumers, often positively.
Efficient Scale
The level of production at which average total costs are minimized, indicating the most cost-effective scale of operation.
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