Without product differentiation, it would be very difficult for firms to develop brand loyalty.
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Q16: In the short-run, profits will only exist
Q17: In the long-run, profits will exist for
Q18: In perfect competition, the long-run outcome is
Q19: Economists agree that large firms with big
Q20: A monopolist's goal is to maximize profit.
Q22: According to Alfred Marshall, small firms produce
Q23: In competitive industries, firms that innovate can
Q24: The MR = MC rule for profit
Q25: A perfectly competitive firm's long-run supply curve
Q26: Entry of new firms into a market
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