Examlex
What are technical standards, why are they important, and how are they established?
Long Run
A period in economic analysis where all factors of production and costs are variable, allowing for full adjustment to changes.
Marginal Revenue Curve
A graph that shows how marginal revenue varies as the quantity of output changes, typically downward sloping for firms in competitive markets.
Perfect Competitor
A market structure in which numerous small firms compete against each other with identical products, no single firm can influence the market price; all firms are price takers.
Marginal Revenue
Extra income gained by disposing of one additional unit of a good or service.
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