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Monopolistic competition is an industry structure characterized by:
Sunk Costs
Costs that have already been incurred and cannot be recovered.
Incremental Cash Flow
The additional cash flow a company receives from undertaking a new project, after accounting for the expenses involved in the project.
Variable Costs
Costs that change in proportion to the level of production or sales activities, such as materials and labor.
Fixed Costs
Costs that do not vary with the level of production or sales, such as rent, salaries, and insurance premiums.
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