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An empty jar is pushed open side downward into water so that air trapped inside can't escape. As it is pushed deeper, the buoyant force on the jar
Competing Firms
Businesses that operate in the same market, offering similar products or services, and vie for the same consumer base.
External Benefit
A benefit gained by individuals or society that is not reflected in market transactions, often associated with positive externalities.
Third Party
In the context of transactions, a third party is an entity besides the two primary parties involved, often providing an additional service or playing a regulatory role.
More Pay
Refers to an increase in the amount of money an employee receives for their work, either through raises, bonuses, or overtime compensation.
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