How many of the five pairs of items listed below are exact duplicates?
Definitions:
Monopolistic Competition
An economic environment where many firms offer products or services that are similar but not perfect substitutes, leading to a scenario where each company has some market power.
Substitutable Products
Substitutable products are goods or services that can be used in place of each other by consumers due to their similar functions or characteristics.
Price Range
The spread between the highest and lowest selling price of a product or service in the market.
Pure Competition
A market structure characterized by a large number of small firms producing identical products, with no single firm able to influence the market price.
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