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Differentiate between express and implied warranties.
Perfect Competitor
A theoretical market structure where many firms sell identical products, allowing no single firm to influence market prices.
Imperfect Competitor
A firm or entity in a market structure that does not meet the criteria of perfect competition, often having some control over price.
Output Price
The price at which goods or services produced by a company are sold in the market.
Productivity
The efficiency at which goods or services are produced, often measured by the output per worker or per hour worked.
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