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In arguing that "degrading distinctions" ought to be accepted only when necessary,Harriet Taylor implied that
Market Economy
An economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's citizens and businesses.
Supply and Demand
The economic model that determines the price of an item in a market, based on the quantity of the good that producers wish to sell at various prices and the quantity that consumers wish to buy.
Perfectly Competitive Market
A market structure characterized by a large number of small firms, a homogeneous product, free entry and exit, and perfect information where no single buyer or seller can influence the market price.
Competitive Market
A market structure characterized by a large number of buyers and sellers, free entry and exit, and a homogeneous product, ensuring no single entity can dictate the market price.
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