Examlex
Which sociological concept refers to a number of weak social ties among people who have little common identity and little interaction?
Monopolistically Competitive
A scenario where numerous companies compete in the same industry by offering slightly unique products or services, giving consumers choices.
Elastic
Describes a situation in economics where the quantity demanded or supplied of a good changes significantly as its price changes.
Industry Entry
The process by which a new competitor enters an existing market, often influenced by barriers to entry and initial costs.
Price Elasticity
A measure of how much the demand for a product changes in response to a change in price, indicating the sensitivity of consumers to price changes.
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