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Differentiate between the characteristics of a universalist culture and a particularist culture?
Antitrust Policy
Legislation enacted by federal or state government to prevent new monopolies from forming and to break up those that already exist in order to promote competition and ensure fair practices in the marketplace.
Monopolies
A market structure characterized by a single seller who has exclusive control over a product or service, with no close substitutes.
Product Differentiation
The practice of highlighting the unique features of a product or service to increase its appeal to a targeted market segment.
Price Wars
A competitive situation in which retailers repeatedly cut prices in order to undercut each other, often to the detriment of profit margins.
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