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Describe the social democratic welfare state.What are its main goals, what do they emphasize, and what are typical benefits associated with this type of welfare state?
Product Differentiation
Product differentiation is a strategy businesses use to make their products unique and stand out from competitors, often through design, quality, or features.
Price War
A competitive business strategy in which companies repeatedly cut prices to undercut competitors, often resulting in reduced profit margins for everyone involved.
Tacit Collusion
An unspoken, informal agreement among competitors to avoid certain competitive practices, like price wars, to keep prices at a certain level or to divide markets.
Oligopolistic Firms
Companies that operate in an oligopoly, a market structure with a small number of firms that have significant market power, which influences their pricing and production decisions.
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