Examlex
When consumers are consistent across indicators of social class income, education, and occupation, it is called:
Long-Run Equilibrium
A state in which all factors of production and costs are variable, allowing firms to make adjustments and the market to stabilize at a point where supply equals demand.
Competitive Market
A market structure characterized by many buyers and sellers, free entry and exit, and products that are close substitutes, leading to price competition.
Market Price
Market price is the price at which a good or service is bought and sold in the marketplace, determined by the forces of supply and demand.
Long-Run Equilibrium
A state in which all inputs can be adjusted by firms, and no firm has an incentive to change its production level, leading to a stable economic condition.
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