Examlex
Explain the costs and benefits of the privatization of federal services.
Market Power
The ability of a firm or group of firms to control or manipulate prices in the market by controlling supply, demand, or both.
Monopolistically Competitive
A market structure in which many companies sell products that are similar but not identical, allowing for some degree of market power.
Short-Run Profits
Profits earned by a firm in the short term, often before all types of costs have been fully adjusted or realized.
Long-Run Profits
Long-run profits refer to the earnings a firm can expect over a period during which all inputs can be adjusted, reflecting the company's true economic performance.
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