Examlex
What type of groups has been created because of Ralph Nader's citizen's movement?
No Close Substitutes
A market condition where a product or service has no similar alternatives close enough to serve as a replacement, enhancing its unique value.
Diamonds
Precious stones consisting of a clear and typically colorless crystalline form of pure carbon, often used in jewelry.
Price-Taking Firm
A price-taking firm is a company that must accept the market price for its product, having no influence on the price due to its small size relative to the industry.
Market Power
The ability of a firm to control the price and output of products in its market, often due to limited competition.
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