Examlex
The t distribution is used to develop a confidence interval estimate of the population proportion when the population standard deviation is unknown.
Immediate Market Period
A very short time frame in which the supply of goods is fixed, meaning that the quantity available for sale cannot be changed regardless of price.
Equilibrium Price
The price at which the quantity of a good demanded equals the quantity supplied, leading to market stability.
Equilibrium Quantity
The quantity of goods or services that is supplied and demanded at the equilibrium price.
Long Run
A period in which all factors of production and costs are variable, allowing for full adjustment to change.
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