Examlex
State the three-fold idea behind simulation.
Pure Competitors
Firms within a market where numerous sellers offer highly similar products, ensuring no single company has control over the market price.
R&D
Research and Development, which refers to the activities companies undertake to innovate and introduce new products or services.
Innovation
The process of translating an idea or invention into a good or service that creates value and for which customers will pay.
Oligopolists
Firms or entities that dominate an industry or market in an oligopoly, where a small number of companies have significant market power and influence over prices and output.
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