Examlex
The term used to describe an objective and standardized procedure for measuring a psychological construct using a sample of behavior is
Market Price
The ongoing price level for buying or selling goods or services in a market setting.
Long-run Supply Curve
A graphical representation showing the relationship between the price of a good and the amount of the good that suppliers are willing to produce, taking into account adjustments in all factors of production.
Decreasing-cost Industry
An industry in which costs per unit decrease as the scale of operation increases, often due to economies of scale.
Downsloping
A characteristic of certain economic graphs, such as the demand curve, indicating that as price decreases, quantity demanded increases.
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