Examlex
Questionnaires and scales are very precise data gathering instruments. They are designed to elicit short precise answers to concisely stated and precise questions.
Long Run
In economics, this refers to a period in which all factors of production and costs are variable, allowing full adjustment to changes.
Economic Profits
The disparity between a company's overall income and its combined direct and indirect expenses.
Close Substitutes
Products or services that can serve almost the same purpose, making them almost interchangeable in the eyes of consumers.
Monopolistically Competitive Industry
A market structure where many firms sell products that are similar but not identical, allowing for competition based on factors other than just price.
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