Examlex
What is the common name for the following compound?
Perfectly Competitive Industry
This refers to a market structure where numerous small firms compete against each other with no single company dominating the market, selling identical products, and having easy market entry and exit.
Perfectly Competitive Firm
A business that operates in a market where there are many buyers and sellers, the products are homogeneous, and there are no barriers to entry or exit.
Total Revenue
The total amount of money received by a company for goods sold or services provided during a specific period; calculated as the quantity sold multiplied by the sale price.
Output Produced
The total quantity of goods and services produced by a firm or economy over a specific period.
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