Examlex
Be able to define the following terms and explain their differences and similarities: voluntary arbitration and court-annexed arbitration; voluntary mediation and mandatory mediation; summary trial and summary judgment.
Monopolistically Competitive
A market structure where many competing producers sell products that are differentiated from one another (e.g., by branding or quality) and hence are not perfect substitutes.
Economic Profit
The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, measuring the firm’s performance beyond its accounting profit.
Long Run
A period in economics where all factors of production and costs are variable, allowing for full adjustment to any change.
Monopolistically Competitive
A market structure where many firms sell products that are similar but not identical, allowing for some degree of market power and pricing over their product.
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