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Perfectly Competitive
Refers to a market structure where numerous small firms compete against each other, and no single firm can influence the market price of goods or services.
Monopolistically Competitive
A market structure where many firms sell products that are similar but not identical, providing some degree of market power to each firm.
Concentrated Industries
Industries where a small number of firms hold a large market share, often leading to reduced competition.
Technological Advances
Innovations and improvements in technology that enhance productivity, efficiency, and product quality.
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