Examlex
________is a cultural universal and ________ is a custom.
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.
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