Examlex
If you want to build a smart-glove that responds based on the direction and speed a user moves their hand, what sensor should you use?
Long Run
A time period in economics during which all factors of production and costs are variable, allowing for all adjustments to be made to achieve an equilibrium.
Competitive Increasing-cost Industry
An industry in which the entry of new firms causes the input prices to increase, leading to upward-sloping supply curves for the firms.
Long-run Equilibrium
A state in economics where all factors of production are fully adjusted to the market condition and all economic agents have no incentive to change their behavior.
Consumer Demand
The desire and willingness of consumers to purchase a certain quantity of goods or services at various price points, at a particular time.
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