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Pure Competition
A market structure characterized by a large number of small firms, a homogeneous product, and easy entry and exit from the market.
Nonprice Competition
A marketing strategy where companies attract customers through methods other than price, such as quality of product, service, or brand image.
Pure Competition
A market condition characterized by a large number of small firms, identical products, and free entry and exit, leading to price-taking behavior.
Product Differentiation
A marketing strategy that businesses use to distinguish their products from similar offerings on the market.
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