Examlex
MI is the abbreviation for ________. (two words)
Price-taker Market
A market situation where individual sellers or buyers have no control over the price of a product, typically seen in perfectly competitive markets.
Long-run Equilibrium
This is a condition where all factors of production and outputs in an economy or market are optimized and can vary to reach a state of general equilibrium.
Price-taker Industry
An industry in which individual firms have no control over the price of their product and must accept the market price set by the forces of supply and demand.
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