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Humans may have one of four different blood types - A, B, AB, or O. Explain why a person with type O blood is referred to as the "universal donor" yet can receive blood only from other individuals with type O blood.
Pure Competition
A market structure characterized by a large number of small firms, homogenous products, and easy market entry and exit, leading to price takers rather than price makers.
Oligopoly
A market structure characterized by a small number of firms that have the power to influence the prices of their products or services, unlike in perfect competition.
Opportunity Costs
Opportunity Costs represent the benefits a person or society foregoes by choosing one option over another, essentially the cost of what is given up to pursue a particular course of action.
Annual Maintenance
Regularly scheduled upkeep or repairs conducted yearly to ensure the optimal functioning and longevity of equipment, facilities, or systems.
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