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Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Products sold by different firms have minimal differences in capabilities, features, and pricing. Thus, buyers cannot distinguish between products based on physical attributes or intangible value. [18] When this condition is not satisfied, the market is characterized by product differentiation. A perfectly competitive market is a theoretical ...
Artificial demand or manufactured demand constitutes demand for something that, in the absence of exposure to the vehicle of creating demand, would not exist. It has controversial applications in microeconomics (pump and dump strategy) and advertising.
It is usually associated with a disinterested merchandise in the economic world. [43] However, once a successful experimental drug candidate is registered as a proprietary drug product, the patent legally ensures a long-term dominance in the exclusive market which is free of imitative generic drug. Generating a stable and considerable net ...
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