Match the Following Terms with Their Descriptions Below

question 60

Multiple Choice

Match the following terms with their descriptions below. (Terms may be used more than once.)
-A drug's nonproprietary name

• A)chemical name
• B)trade name
• C)generic name
• D)official name
• E)OTC name

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Definitions:

Long-run Equilibrium

The condition in which, considering full adjustments in the market, the quantity supplied equals the quantity demanded at the prevailing market price.

Perfectly Competitive

A market structure characterized by many small firms, identical products, free entry and exit, and full information, leading to firms being price takers.

Marginal Cost

The additional cost incurred from making one more unit of a good or service.

Optimal-output

The level of production that maximizes a firm's profit, where marginal cost equals marginal revenue.