Examlex
The ________ between Germany and Russia during WWII is an infamous example of a non-aggression pact.
Long-run Equilibrium
A state in which all factors of production and outputs are optimized, resulting in a stable economic environment without tendencies for change.
Competitive Market
A market structure characterized by a large number of buyers and sellers, free entry and exit, and products that are similar across sellers, leading to price competition and efficiency.
Marginal Revenue
The boost in income achieved by selling one more unit of a product or service.
Marginal Cost
The growth in aggregate expenditure brought about by generating an extra unit of a product or service.
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