Define the Following Terms

question 59

Short Answer

Define the following terms:
-specific deterrence

---

Definitions:

Economic Profits

The net amount remaining when all costs, both obvious and not, are subtracted from the total income.

Differentiated Products

are goods or services that are distinguishable from each other on the basis of quality, features, or branding, leading to non-price competition among firms.

Perfectly Elastic

A situation in economics where the quantity demanded or supplied changes by an infinite amount in response to any change in price, represented graphically as a horizontal line.

Monopolistic Competitor

A type of market structure characterized by many firms selling products that are similar but not identical, allowing for some degree of market power.