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What is a diagnostic system of classification? How does a diagnostic system of classification differ from a diagnosis?
Monopoly
A market structure characterized by a single seller controlling a large portion of the market and the ability to influence prices and output.
Monopolistically Competitive
Refers to a market structure where many companies sell similar but not identical products, allowing them to have some control over their prices.
Economic Profits
Profits that exceed the opportunity costs of a firm, calculated as total revenues minus both explicit and implicit costs.
Long Run
A period during which all factors of production and costs are variable, and firms can enter or exit the industry.
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