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Imperfectly Competitive Firms
Companies that operate in market settings where individual sellers have some control over the price of their products, contrary to perfect competition.
Property Resources
Assets owned by individuals or entities, including land, buildings, and intellectual property, that can be used to produce goods and services.
Purely Competitive Firm
A business that operates in a market where there are many buyers and sellers, none of which can control market prices.
Profit Maximizing
The process by which a company determines the price and output level that returns the greatest profit.
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