Examlex
When there are market externalities, the market allocation of resources will be optimal.
Competitive Market
A competitive market is one in which a large number of buyers and sellers interact, leading to goods and services being offered at market-determined prices with minimal barriers to entry or exit.
Market Price
The current value at which a good or service can be bought or sold in a market.
Economic Profits
The discrepancy between a corporation's total earnings and all of its costs, covering both overt and hidden expenses.
Competitive Market
A market structure characterized by a large number of sellers and buyers, where no single entity can dictate prices or market conditions.
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