Examlex
Price gouging occurs when a company sells products below cost.
Economic Profit
The contrast between a company's overall receipts and its full charges, considering both palpable and inferred costs.
Long Run
A time period in economics during which all factors of production and costs are variable, allowing for all adjustments to be made to achieve an equilibrium.
Competitive Increasing-cost Industry
An industry in which the entry of new firms causes the input prices to increase, leading to upward-sloping supply curves for the firms.
Long-run Equilibrium
A state in economics where all factors of production are fully adjusted to the market condition and all economic agents have no incentive to change their behavior.
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