Which of the following statements is (are) TRUE? 
Definitions:
Pure Competition
A market structure characterized by a large number of small firms, a homogeneous product, free entry and exit, and perfect information, leading to firms being price takers.
Tax Exemptions
Deductions from taxable income or specific revenues not subject to taxation, often granted to encourage certain activities or investments.
Patent
Guarantee to an inventor exclusive rights to an invention for 17 years.
Economic System
The organized way a country allocates its resources and distributes goods and services to its citizens, including capitalism, socialism, and communism.
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