Examlex
Instructions:
∙ Identify each item. Give an explanation or description of the item. Answer the questions who, what, where, and when.
Explain the historical significance of each item. Establish the historical context in which the
∙ item exists. Establish the item as the result of or as the cause of other factors existing in the society under study. Answer this question: What were the political, social, economic,
and/or cultural consequences of this item?
-the system of a separation of powers
Long-Run Equilibrium
A state in a market where, given sufficient time, all factors of production and costs are variable, allowing firms to enter or exit the market, and no economic profit is earned.
Monopolistic Competition
A market structure where many firms sell products that are similar but not identical, allowing for competition based on product differentiation.
Market Demand
The total demand for a product or service in a market, aggregating all individual demands at various prices.
Long Run
A period of time in which all factors of production and costs are variable, allowing companies to adjust to market changes.
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