Examlex
A ________ is a building that contains exactly two housing units.
Perfect Competitor
An ideal market condition where numerous small firms compete against each other, and goods are sold at their marginal cost.
Long Run
A period in economic theory where all factors of production and costs are variable, allowing companies to adjust to market conditions fully.
Perfect Competitor
A theoretical market structure where many firms sell an identical product, entry and exit from the market are easy, and no single seller can influence the market price.
Long Run
A period of time in which all factors of production and costs are variable, and companies can adjust all inputs.
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