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Describe the differences between discount stores and off-price retailers.
Total Market Demand
The aggregate demand for a good or service across all consumers in a market at various price points.
Economies of Scale
Cost advantages reaped by companies when production becomes efficient, as the average cost per unit of output decreases with increasing scale.
Per-unit Cost
The cost incurred for producing a single unit of a product, which is calculated by dividing the total cost of production by the total number of units produced.
Monopolistic Firm
A company that has exclusive control over a particular market or industry, limiting competition.
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