Examlex
________ is the ability to offer individually tailored products or services using the same production resources as bulk production.
Competitive Markets
Markets characterized by a large number of buyers and sellers where no single entity has enough power to influence the price of goods or services significantly.
Four-firm Concentration Ratio
A measure indicating the total market share controlled by the four largest firms in an industry, used to determine the competitiveness of the market.
Localized Markets
Markets that are confined to a specific geographical area, where the products or services cater primarily to the local population.
Import Competition
Import competition involves domestic companies facing competition from foreign-produced goods and services in the domestic market.
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