Examlex
A brand name like "Northwest Airlines" provides greater flexibility than the brand name "Humana."
Price Takers
Firms or individuals who accept the market price as given and have no influence over it due to the competitive nature of the market.
Close Substitutes
Products or services that can be used in place of each other, with minimal differences perceived by the consumer.
Substitutes
Products or services that can be used in place of each other, satisfying similar consumer needs or desires.
Demand Curve
The demand curve is a graphical representation showing the relationship between the price of a good and the quantity of that good consumers are willing to purchase at various prices.
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