Examlex
The division of power between the national government and the state and local governments is called
Monopolistic Competitor
A firm in a market structure where many companies sell products or services that are similar but not identical, allowing for significant differentiation and competition.
Barriers to Entry
Factors that prevent or hinder potential competitors from entering a market or industry sector.
Close Substitutes
Products or services that can serve almost the same purpose or fulfill the same need, allowing consumers to switch easily between them.
Market Power
The ability of a company or entity to influence the price and control the market for its product or service.
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