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Differentiated Product
Goods or services that are distinguished from similar products by characteristics like quality, design, brand, or attributes.
Monopolistically Competitive Industry
A market structure characterized by many firms selling products that are similar but not identical, allowing for significant product differentiation.
Barriers to Exit
Factors that prevent or discourage a company from leaving a market or industry, such as high shutdown costs or contractual obligations.
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.
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