Examlex
An advantage of decentralized authority is that those individuals closest to the customers and more familiar with local conditions make decisions.
Monopolistic Competition
A market structure featuring many firms selling similar but not identical products, allowing for some degree of market power and price differentiation among competitors.
Monopolistically Competitive
An economic scenario in which numerous companies offer products that are alike but not exactly the same, facilitating rivalry through distinctions in their products.
Excess Capacity
A situation in which a firm or industry has more resources available, particularly production capabilities, than is being utilized due to insufficient demand.
Monopolistic Competition
A market structure characterized by many sellers selling products that are similar but not identical, allowing for limited control over market prices.
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