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Complex Numbers in Polar Form; DeMoivre's Theorem
1 Plot Complex Numbers in the Complex Plane
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Long-Run Equilibrium
A state where all factors of production in an economy are fully adjusted to market conditions, leading to stable prices and full employment of resources.
Profit Maximization
The method a company uses to decide the price and production amount that yields the highest profit.
Economic Profits
The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, representing the excess earnings over the next best alternative.
Monopolistic Competition
A trading structure inhabited by many corporations pushing products that are analogous but not carbon copies, which affords them a degree of control over the market.
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