Examlex
Discuss an active listening process and how it is achieved in a congested environment.
Long Run
A period in economics where all factors of production and costs are variable, allowing for full industry adjustment to changes.
Perfect Competitor
A theoretical market structure where many firms offer a standardized product, there is free entry and exit, and all buyers and sellers have perfect information, leading to price being equal to marginal cost.
Long Run
A period in which all inputs can be adjusted, allowing firms to change their production capacity and industries to enter or exit markets.
Perfect Competitor
A theoretical firm in a perfectly competitive market where it is a price taker, and there are no barriers to entry or exit.
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