Examlex
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Purely Competitive Industry
An industry structure characterized by many small firms producing identical products with no single firm able to influence market prices.
Nonprice Competition
Strategies companies use to attract customers that do not involve changing the price of goods or services, such as advertising and product differentiation.
Demand Curve
A graphical representation showing the relationship between the price of a good and the amount consumers are willing to buy at various prices.
Elasticity Coefficient
A measure that indicates how much the quantity demanded of a good or service changes in response to a change in price.
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