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Short Run
A period in economics during which at least one input, such as plant size, is fixed and cannot be changed by a firm.
Long Run
In economics, a period during which all factors of production and costs are variable, and firms can enter or exit the market.
Nonprice Competition
A marketing strategy in which businesses attempt to attract customers through methods other than lowering prices, such as product differentiation, quality, service, and advertising.
Pure Competition
A market setup defined by many small businesses, identical products, unrestricted entry and departure, and complete information transparency.
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