Examlex
Factor the perfect square trinomial completely.
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Monopoly
a market structure characterized by a single seller who has exclusive control over a product or service, often leading to higher prices and less competition.
Long Run
In economics, a period in which all inputs or factors of production can be varied, allowing companies to adjust all aspects of their operations.
Economic Profit
The difference between total revenue and total cost, including both explicit and implicit costs, representing the additional gain over the opportunity cost.
Perfectly Competitive Industry
An industry in which numerous small firms produce identical products, where no single firm can influence the market price, and all firms are price takers.
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