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When cultural institutions,policies,and systems such as school and justice systems are used to enforce discrimination based on imagined differences among groups,this is known as
Perfect Competition
A market structure characterized by many buyers and sellers, homogeneous products, and no barriers to entry or exit, leading to efficient pricing and output decisions.
Monopoly
A market structure characterized by a single seller, selling a unique product in the market with no close substitutes, leading to high control over market prices.
Marginal Revenue
The boost in revenue achieved by selling one more unit of a good or service.
Demand Curve
A graph demonstrating the relationship between the price of a good or service and the quantity demanded for it at those prices, typically showing a downward slope from left to right.
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