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How do ocean currents affect both water and air temperatures? Use the Gulf Stream as an example.
Standardized Product
A product that is uniform in quality and specifications across all production units, making it interchangeable with similar products.
Perfectly Competitive
A perfectly competitive market is characterized by many buyers and sellers, homogeneous products, free entry and exit, and perfect information.
Price Maker
A market participant with the power to influence the price of a good or service by controlling its supply, its demand, or both.
Perfect Competition
A market structure characterized by many buyers and sellers, where all firms sell identical products and no single buyer or seller can influence the market price.
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