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Demand Curve
A graphical chart representing the association between how much an item costs and the level of demand for it by shoppers.
Short Run
A period in economics during which at least one factor of production is fixed and cannot be changed.
Monopolistic Competitor
A firm that operates in a market with many competitors but differentiates its product from others, giving it some control over its price.
Short Run
Describes a period in economics where at least one factor of production is fixed and cannot be changed, limiting the adjustments a firm can make to its output.
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