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Harold and Kumar are pre-med and pre-pharmacy students, respectively. They complain to their biology professor that they should not have to study about plants because plants have little relevance to their chosen professions.
-Kumar, especially, might be well advised to learn more about
Standardized Product
Output of different producers regarded by consumers as the same good; also referred to as a commodity.
Easy Entry And Exit
Characteristics of a market where companies can freely enter or leave without significant barriers or costs.
Patented Prescription Drug
A medication that is protected by a patent, giving its manufacturer the exclusive right to produce and sell the drug for a certain period.
Lack Of Substitutes
A market condition where there are no close alternatives to a product, leading to higher consumer dependency on that product.
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