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Discuss the impact of the trend from traditional to modern channel structures.
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A market condition where new firms can enter the industry without facing significant barriers, promoting competition.
Product Differentiation
The act of differentiating a product or service to make it appealing to a specific target audience.
Monopolistic Competition
Monopolistic competition is a market structure characterized by many firms offering products that are similar but not perfect substitutes, leading to competitive pricing and product differentiation.
Downward-Sloping Demand
A situation in economics where demand for a commodity decreases as the price increases, according to the law of demand.
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