Examlex
This act outlaws subgroup norming of employee selection tests.
Demand Curve
A graph that represents the relationship between the price of a good and the quantity demanded by consumers at various price levels.
Easy Entry And Exit
A characteristic of competitive markets where there are minimal barriers for new firms to enter or exit the market.
Perfect Competition
A theoretical market structure that features no barriers to entry, a large number of sellers and buyers, completely homogenous products, and perfect information available to all market participants.
Chronic Excess Capacity
A situation where industries consistently operate below their full output capacity due to prolonged demand shortfall.
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