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Demand Curve
A graphical representation showing the relationship between the price of a good or service and the quantity demanded by consumers over a specific period.
Monopolistic Competitive Firms
These are companies in a market structure characterized by many firms selling products that are similar but not identical, allowing for some degree of market power.
Elastic
A term used in economics to describe a situation where the demand or supply for a good or service significantly changes in response to a change in price.
Product Differentiation
A tactic used by companies to distinguish their products from those of competitors by highlighting unique features.
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