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Murder, rape, and robbery defendants are less likely to plead guilty than those charged with less serious offenses.
Purely Competitive
A market scenario where the selling price of products is determined by the overall supply and demand, with numerous sellers and homogeneous products.
Elastic
Describes a condition in economics where the demand or supply for a product is sensitive to changes in price, leading to significant changes in quantity demanded or supplied.
Herfindahl Index
A measure of market concentration, determining the competitiveness of an industry based on the sum of the squares of the market shares of all firms within it.
Product Differentiation
The strategy of distinguishing a product or service from others in the market to make it more attractive to a particular target market.
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