Examlex
A(n)_____ consists of hardware and software that stores knowledge and makes inferences,enabling a novice to perform at the level of an experienced worker.
Barriers to Entry
are obstacles that make it difficult for new competitors to enter an industry, including high startup costs, strict regulations, and established brand loyalty.
Monopolistically Competitive
A market structure where many companies sell products that are similar but not identical.
Monopolies
Market structures characterized by a single seller controlling a large portion of the market and the lack of viable competition.
Long-run Equilibrium
A state in which all factors of production and market forces are in balance, with no external pressures prompting change.
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