Examlex
When teaching something new to a child, Vygotsky pointed out that:
Short-run
A time frame in which at least one factor of production is fixed, limiting adjustments to production levels.
Economic Profits
The difference between a firm's total revenues and its total economic costs, where economic costs include both explicit and implicit costs.
Perfectly Competitive
In a perfectly competitive market, there are many buyers and sellers, the products are homogenous, and no single entity can influence the market price.
Demand Rises
Occurs when there is an increase in the quantity of a good or service that consumers are willing and able to purchase at a given price.
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