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Dominant Position
A situation in which a business or entity holds a major share of the market or has a significant influence over the market conditions.
Large Firms
Corporations or enterprises that operate on a large scale, often having significant market power and capitalization.
Monopolistically Competitive
This describes a market structure where many firms sell products that are similar but not identical, allowing for some degree of market power.
Marginal Cost
The added cost incurred from producing one more unit of a product or service, essentially the derivative of the total cost with respect to quantity.
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