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Technological change, such as the information technology revolution of the 1990s can shift the aggregate supply curve outward.If, at the same time, the government is decreasing spending, the most likely outcome of these two factors is a(n)
Standardized Product
Products that are uniform in quality and performance, produced in large quantities, and often interchangeable with products from different manufacturers.
Nonprice Competition
A marketing strategy where companies compete on factors other than price, such as product quality, service, or branding.
Easy Entry
Market condition where there are few if any barriers for new firms to enter and compete in an industry.
Homogeneous Products
Goods that are perfect substitutes for each other; they are identical in quality, function, and appearance.
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