Examlex
What is the service provided by the LVTS? why is it important?
Monopolistic Competition
An industry that has many firms producing a differentiated product.
Over-Differentiation
Over-differentiation occurs when a company creates too many variations of a product, causing confusion among consumers and potentially harming sales.
Monopoly Profits
Excess profits earned by a monopoly as a result of having sole control over a market, enabling it to charge higher prices by restricting supply.
Product Differentiation
The process businesses use to make a product or service stand out from its competitors through distinctions in quality, design, or features.
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