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Relatively Easy Entry
Characterizes markets where new competitors can join with minimal barriers, such as low startup costs or regulatory hurdles.
Similar Products
Products that serve the same or similar purposes and can be used interchangeably by consumers.
Large Number
A vague term often referring to a quantity much larger than what is typically encountered in everyday life.
Monopolistically Competitive
A market structure where many firms sell products that are similar but not identical, allowing for significant differentiation.
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