Examlex
OPEC is able to raise the price of its product by:
Long Run
A time frame during which all production elements and expenses can change, enabling complete adjustment within the industry to any alterations.
Total Revenue
The total amount of money a firm receives from sales of its products or services, before any costs are subtracted.
Profit-Maximizing
The process or goal of a firm to adjust its production and pricing strategies to achieve the highest possible profit.
Number Of Perms
A mathematical term that refers to the number of ways in which a set or subset can be arranged or ordered.
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