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Monopoly
A market structure characterized by a single seller or company dominating the entire market, leading to limited competition.
Monopolistically Competitive
A market structure where many firms sell products that are similar but not identical, allowing for some degree of market power.
Product Differentiation
A strategy businesses use to distinguish their products from those of competitors, aiming to increase market share and customer loyalty.
Price Discrimination
A pricing strategy where a seller charges different prices for the same product or service to different customers, based on factors such as willingness to pay, location, or purchase volume.
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