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According to the principle of hypodescent,which person would be categorized as Black?
Excess Capacity
A situation where a firm is producing at a lower scale of output than it has been built to handle, due to insufficient demand.
Product Diversity
The variety of different items within a particular category available to consumers in the market.
Monopolistic Competition
A market structure characterized by many firms offering products that are similar but not identical, allowing for slight differentiation among them.
Long-Run Equilibrium
A state in which all factors of production and costs are variable, and economic agents have fully adjusted to any economic changes.
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