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Monopolistic Competition
A market structure characterized by many firms selling products that are similar but not identical, allowing for some degree of market power and product differentiation.
Product Differentiation
The process or strategy of distinguishing a product or service from others in the market to make it more attractive to a particular target market.
Advertising
The practice of promoting products, services, or brands through various media to attract consumer interest or engagement.
Economic Profit
The profit a firm makes after deducting both its explicit (out-of-pocket) and implicit (opportunity) costs, reflecting the total financial gain that exceeds the firm's total costs.
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