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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.
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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