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For each historical identification question, define the term and briefly describe its historical significance.
Woodrow Wilson
Imperfect Competition
All market structures except pure competition; includes monopoly, monopolistic competition, and oligopoly.
Labor Demand Elasticity
The sensitivity of employers' demand for labor to changes in the price or cost of labor, reflecting how much the quantity of labor demanded responds to changes in wages.
Total Costs
The cumulative costs associated with the complete process of producing and selling a product or service.
Labor Cost
The total expenditure incurred by employers for the wages, benefits, and taxes of their workforce.
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