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Monopolistic Competitor
A firm that operates in a market with many competitors but differentiates its product from others, giving it some control over its price.
Short Run
Describes a period in economics where at least one factor of production is fixed and cannot be changed, limiting the adjustments a firm can make to its output.
Economic Profits
The surplus left to a business after deducting all costs, including opportunity costs, from its total revenues.
Monopolistic Competition
A market structure where many firms sell products that are similar but not identical, which allows for a degree of market power and product differentiation.
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