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Harvey owns a certificate of deposit listed as: "Harvey, payable on proof of death to April." On Harvey's prior death, the CD is not subject to probate.
Differentiated Product
A product that is distinct in some way from others in the same market, often used as a competitive advantage.
Entry Barriers
Obstacles that prevent new competitors from easily entering an industry or market, such as high startup costs or stringent regulations.
Price Searcher
A firm or individual with the ability to control the price of the goods or services provided because of a lack of competition or the unique nature of the product.
Downward-sloping Demand
This concept describes the typical relationship in economics where, as the price of a good or service decreases, the quantity demanded increases, and vice versa.
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