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The first time Jesse sees a cat, his mother tells him, "That's a cat. Can you say cat?" He repeats the word gleefully, and his mother praises him. The next day, he is watching a cartoon and sees a tiger on the television. He points at the tiger and says, "Cat!" This is an example of __________.
Pure Competition
Market structure, in which large numbers of buyers and sellers exchange homogeneous products and no single participant has a significant influence on price.
Entrepreneurs
Individuals who initiate, manage, and assume the risks of a business venture in order to bring new products or services to the market.
Resource Allocations
The process of assigning and distributing available resources, such as time, money, and manpower, among various projects or departments to achieve organizational goals.
Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity of that good that suppliers are willing to produce and sell.
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