Examlex
Which of the following abbreviations stands for a diagnostic test?
Long Run
A time period in economics sufficient for all markets to adjust, including those for labor and capital, with all factors of production and costs variable.
Excess Capacity
A situation in which a firm is producing at a lower scale of output than it has been designed for, often leading to inefficiency and increased costs.
Over-Differentiation
The excessive creation of variations of products that confuse rather than satisfy consumer needs.
Peak Efficiency
The state of operating at maximum productivity with the lowest waste of resources or effort.
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