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Training is typically used to refer to teaching people how to perform tasks related to their present jobs, while development means teaching people broader skills that are not only useful in their present jobs but also prepare them for greater responsibilities in future jobs.
Homogeneous Oligopolists
Firms within an oligopoly market structure that offer products or services that are very similar, making them close substitutes for each other.
Pure Monopoly
A market structure where a single firm controls the entire market for a product or service, with no close substitutes.
Kinked-Demand Curve
A demand curve that has a distinct bend or "kink" at a certain price level, often used to describe price stability in oligopolistic markets.
Highly Elastic
Refers to a market condition where the demand or supply for a product responds very significantly to changes in its price.
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