Examlex
A general equilibrium is an outcome in which
Competitive Price-Taker
A market participant who must accept the prevailing market prices because they have no influence over those prices due to their small market share.
Average Total Cost
The total cost of production divided by the quantity of output produced, representing the average cost per unit of output.
Homogeneous Products
Goods that are identical in quality and cannot be distinguished from one another by consumers.
Free Entry
Free entry is a market condition where businesses can enter and exit the market without facing significant barriers or costs.
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