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Discuss the role of product differentiation and advertising in monopolistic competition.
Self-Identity
An individual's perception of themselves, shaped by personal experiences, relationships, culture, and society.
Expressive Needs
The psychological or emotional needs that drive individuals to seek interpersonal relationships and express their feelings and thoughts.
Primary Groups
Small social groups characterized by close, personal, and enduring relationships, such as those found in families and close friendships.
Formal Organizations
Structured groups established for specific purposes, characterized by regulations, hierarchies, and standard operating procedures to coordinate members' activities.
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