Examlex
The GDP deflator is the best measure that reflects the prices of goods and services purchased by the typical household.
Concentration Ratio
A measure of the total output produced in an industry by a given number of firms, usually the largest in the industry, indicating the level of market competition.
Product Differentiation
The approach of making a product or service stand out from competitors in the marketplace to appeal more to a specific target audience.
Monopolistically Competitive
This refers to a market structure characterized by many firms selling products that are similar but not identical, allowing for slight differentiation and some degree of pricing power.
Inelastic Demand
A scenario in which the demand for a product or service shows minimal fluctuation in response to price alterations.
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