Examlex
The maximum longevity for humans is around 120 years old.
Competitive Price-Searcher Market
A market in which the firms have a downward-sloping demand curve, and entry into and exit from the market are relatively easy.
Positive Economic Profit
Earnings that exceed both the explicit and implicit costs of a company, indicating a financial gain beyond the normal expectations of profit.
Maximum Economic Profit
The highest possible financial gain obtainable by a firm when total revenue exceeds both explicit and implicit costs.
Competitive
Characterized by rivalry, where entities vie against each other to achieve or win something, such as market share or high performance.
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