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Explain why individual firms in competitive markets face more elastic demand curves than the market as a whole.
Capitalism
An economic system characterized by private ownership of the means of production and the creation of goods or services for profit.
Entrepreneurship
The process of designing, launching, and running a new business or enterprise, particularly one that is characterized by innovation and risk.
Physical Facilities
The buildings, spaces, and related equipment owned or leased by an organization to support its operations.
Capital
Financial resources or assets owned by an individual or organization, used for investment, production, or other economic purposes.
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