Examlex
In specialized transduction, a bacteriophage may incorporate a random piece of bacterial chromosome
from one cell and transfer it to another cell.
Long-run Equilibrium
A state in which all factors of production are variable, leading to a situation where firms only earn normal profits and no incentives exist for entering or exiting the industry.
Short-run Equilibrium
The condition in which the quantity supplied equals the quantity demanded at a particular price level, but only over a short period.
Purely Competitive Firm
A company operating in a market where there are many buyers and sellers, with none being able to influence the market price significantly.
Economic Profits
The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, often indicating a firm's efficiency.
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