Examlex
How was the Clinton-Gore effort to reinvent government supposed to cut costs?
Monopolistically Competitive
Refers to a market structure where many firms sell products that are similar but not identical, leading to competition based on product differentiation.
Normal Profits
The minimum profit necessary for a company to remain competitive in the market, equivalent to the opportunity cost of capital.
Efficiently
Performing or operating in the best possible manner with the least waste of time and effort.
Product Differentiation
Identifying unique features of a product or service to make it more attractive to a specified segment of the market.
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