Examlex
What is the consequence of each man following his own self-interest, according to Smith?
Monopoly
A market structure characterized by a single seller who has exclusive control over the supply of a good or service, and where entry of new competitors is obstructed.
Perfect Competitor
An idealized market structure characterized by a large number of small firms, each being a price taker, with no single firm able to influence the market price.
Long Run
A period in economics where all factors of production and costs are variable, allowing complete industry adjustment.
Marginal Revenue
The extra revenue generated from the sale of an additional unit of a product or service.
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