Examlex
What is product differentiation?
Imperfectly Competitive
Describes market structures that do not meet the conditions of perfect competition, often characterized by the presence of market power held by firms.
Nondiscriminating Monopolist
A monopolist that charges a single price for all units of a product sold, rather than engaging in price discrimination among different consumers.
Perfectly Elastic
Perfectly elastic describes a situation in which the quantity demanded or supplied can change infinitely in response to any change in price.
Imperfectly Competitive
Describes a market structure where the conditions necessary for perfect competition are not fully met, allowing firms some power to set prices.
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