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How do the characteristics of perfect competition and monopolistic competition differ?
Premium
An amount paid that is above the standard price or rate for an enhanced feature, service, or higher priority.
Insurance Companies
Financial institutions that provide coverage against specific losses in exchange for premiums.
Signaling
Taking some action to establish credibility despite possessing private information; a way to reduce adverse selection.
Reputation
The widespread belief about the character, qualities, and behaviors of an entity or individual, which can influence economic transactions and relationships.
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