Examlex
A partner who invests money in a business,but does not take an active role in management or assume unlimited liability for the firm's losses is known as a(n) :
Ceteris Paribus
A Latin term meaning "all other things being equal," used in economics to describe a situation where all variables except those under immediate consideration are held constant.
Perfectly Competitive Industry
An economic model where many firms sell identical products, entry and exit are easy, and no single firm can influence the market price.
Market Price
The current price at which an asset or service can be bought or sold in the marketplace.
ATC
Average Total Cost, the total cost per unit of output when all fixed and variable costs are considered.
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