Examlex
Why is it unlikely that government will be able to correct a failure of a market outcome?
Marginal Cost
The increase in costs from making an additional unit of a product or service.
Long-Run Equilibrium
A state in economics where all factors of production are fully adjustable, leading to a situation where no economic agent has an incentive to change its behavior.
Monopolistic Competition
A marketplace setup in which a wide range of companies vend products that are comparable but not clones, enabling some level of market sway.
Profit Maximization
The process by which a firm determines the price and output level that returns the greatest profit.
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