Examlex
The basic future and present value equations contain four variables. Which one of the following is not included?
Long-run Equilibrium
This is a condition where all factors of production and outputs in an economy or market are optimized and can vary to reach a state of general equilibrium.
Price-taker Industry
An industry in which individual firms have no control over the price of their product and must accept the market price set by the forces of supply and demand.
Price-taker Industry
An industry in which individual firms have no control over the price of their product; they "take" the market price as given.
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