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In an electromagnetic wave, 1) how are the electric and magnetic field directions related and 2) how is the direction of travel determined from their directions? ( is the velocity of the light wave.)
Identical Product
Products that are seen as the same by consumers, with no differentiation between them.
Product Differentiation
Strategies employed by businesses to make their products appear distinct from those of competitors in aspects like quality, design, or other features.
Physical Differences
Refers to the variations in the physical attributes of individuals or objects, including size, shape, and other measurable characteristics.
Monopolistic Competitor
A firm within a competitive market that has the power to influence prices through product differentiation, sitting between perfect competition and monopoly on the spectrum of market structures.
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