Examlex
The labor force is the sum of the working-age population and the number of unemployed people.
Monopoly Profits
Excess profits earned by a monopoly as a result of having sole control over a market, enabling it to charge higher prices by restricting supply.
Product Differentiation
The process businesses use to make a product or service stand out from its competitors through distinctions in quality, design, or features.
Physical Differences
Variations in the bodily characteristics of individuals or entities, often used in the context of workforce skills or product characteristics.
Monopolistic Competition
A market structure characterized by many firms selling products that are similar but not identical, allowing for slight differentiation and some price control.
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