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Competitive Industry
An industry where numerous firms compete against each other to sell similar products or services.
Output Level
The quantity of goods or services produced by a company, industry, or economic sector within a given time period.
Economic Rents
Earnings in excess of the minimum necessary to keep a factor of production in its current use, often associated with restricted supply or monopoly power.
Imperfectly Competitive
A market structure where individual firms have some control over the price of their products due to a lack of perfect competition.
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