Consider the following equation: 
< 
The term T in this equation refers to ________.
Definitions:
Market Power
The ability of a firm or group of firms to influence or control the terms and conditions of a market, including prices.
Monopolistic Competition
A market structure characterized by many firms offering similar but not identical products, resulting in some degree of market power for each firm.
Differentiate Their Product
The strategy companies use to make their product or service stand out from competitors.
Industry Market Structure
Refers to the organization and characteristics of a particular market, including the number and size of firms, and the level of competition.
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