Examlex
In Ptolemy's geocentric theory of the solar system, what name is given to the small circle around which the planet moves while the center of this circle orbits Earth?
Short Run
A period of time in economics during which at least one input, such as plant size or capital, remains fixed while others may vary.
Long Run
A period during which all factors of production and costs are variable, allowing for full adjustment to changes.
Perfect Competition
Perfect competition is a market structure where many firms offer a homogeneous product or service, and no single firm can influence the market price.
Demand Curve
A graph showing the relationship between the price of a good or service and the quantity demanded by consumers over a range of prices.
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