Examlex
Which of the following terms is spelled correctly?
Perfectly Competitive
A market structure where many firms offer goods or services that are similar, allowing for free entry and exit of firms.
Short Run
A period in economics during which at least one input is fixed and cannot be adjusted by a firm.
Economic Profit
The total revenue of a business minus its explicit and implicit costs, showing the actual financial gain.
Opportunity Costs
The cost of forgoing the next best alternative when making a decision, representing the benefits one misses out on.
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