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Discuss the social brain hypothesis and the evidence to support it.
Monopolistic Competition
A market framework where multiple companies distribute products that are akin to each other but not copies, thus granting them a degree of power within the market.
Excess Capacity
A situation where a company or economy can produce more goods or services than currently demanded, often leading to inefficiency and lower prices.
Excess Capacity
A scenario where a firm or industry has unused production resources, leading to inefficiencies and lowered profitability.
Productive Inefficiency
A situation where resources are not used in the most cost-effective way, resulting in a higher production cost than necessary.
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