Examlex
Expand the binomial.
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Pure Competition
A market structure characterized by a large number of small firms, a homogeneous product, and easy entry and exit from the market.
Long Run
A period in which all factors of production and costs are variable, enabling full adjustment to change.
Short Run
A period in which at least one input in the production process is fixed, and only some inputs can be adjusted by firms.
Decreasing Costs
A situation where the total cost of production decreases as the volume of production increases.
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