Examlex
Explain the AutoCorrect feature in Microsoft Word.
Pure Monopoly
A market structure where a single seller dominates the market, possessing significant market power to set prices and output levels.
Monopolistic Competition
A market structure characterized by many firms selling products that are similar but not identical, leading to competition based on product differentiation.
Four-Firm Concentration Ratio
A metric that measures the total market share held by the top four firms within a specific industry, indicating the level of market concentration.
Herfindahl Index
A measure of market concentration used to determine the competitiveness of an industry, calculated by squaring the market share of each firm competing in the market.
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