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Asad's first grade class is diverse: there are two students from Korea, five students from South America, two students from the United States, three students from Kuwait, a student from Mexico, two students from England, and five students from western Europe.Asad's class is:
Monopolistic Competition
A market structure characterized by many firms selling products that are similar but not identical, allowing for some degree of market power and price setting.
Monopolistic Competition
An industry structure where several entities sell products that are similar in nature but not completely the same, thus giving them a slight edge in market power.
Differentiate
To recognize or ascertain what makes someone or something unique or distinct, especially in the context of products or services in the marketplace.
Industry Market Structure
The organization of a market based on the number of firms in the market, the nature of competition, and the extent of product differentiation.
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