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Demand Curves
Demand curves graphically represent the relationship between the price of a good or service and the quantity demanded by consumers, typically showing a downward slope.
Herfindahl Index
A measure of market concentration, calculated by summing the squares of the market shares of each firm within the industry.
Concentration Ratio
A measure used in economics to assess the market share of the largest firms in an industry to determine the level of competition.
Monopolistically Competitive
Refers to a market structure where many firms sell products that are similar but not identical, allowing for elements of both competition and monopoly.
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