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Differentiation
The process by which companies distinguish their products or services from others in the market to create a perceived value and gain a competitive edge.
Monopolistic Competition
A market structure where many firms sell products that are similar but not identical, allowing for competitive pricing and product differentiation.
Creative Destruction
A concept in economics that describes the process by which new innovations replace outdated technologies and ideas, driving economic progress.
Concentrated Industries
Industries where a small number of firms dominate the market share, potentially leading to reduced competition and higher prices for consumers.
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