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Describe the Purpose of the Doctrine of Promissory Estoppel and List

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Essay

Describe the purpose of the doctrine of promissory estoppel and list the three elements required to prove it in court.Give an example to illustrate the use of a promissory estoppel.


Definitions:

Monopolistic Competition

A market structure characterized by many firms selling products that are similar but not identical, allowing for differentiation and some degree of market power.

Long Run

A period in which all factors of production and costs are variable, allowing companies to adjust to changes in the market.

Monopolistically Competitive

A market structure where many competing producers sell products that are differentiated from one another (e.g., by branding or quality) and hence are not perfect substitutes.

Economic Profit

The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, measuring the firm’s performance beyond its accounting profit.

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