Examlex
According to research conducted by Smart (2008) , how many languages are spoken by students learning English as a second language?
Entry Barriers
Obstacles that make it difficult for new competitors to enter an industry, including high startup costs, access to technology, and strict regulations.
Monopolistic Competition
A market structure in which many companies sell products that are similar but not identical, allowing them to have a degree of market power.
Nonprice Competition
A marketing strategy where businesses focus on product differentiation, quality, or service rather than altering prices to compete with other firms.
Allocative Efficiency
A state in which resources are allocated in a way that maximizes the overall utility or welfare of society, ensuring that every good or service is produced up to the point where the last unit provides a benefit to consumers equal to the cost of producing it.
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