Examlex
A software license, an example of which is shown in the accompanying figure, is an agreement that provides recommended conditions for use of the software; however, users do not have to accept these recommendations before using the software.
Short Run
In economics, a period during which at least one of a firm's inputs is fixed, limiting its capacity to adjust to changes in demand.
Long Run
A period in which all factors of production and costs are variable, allowing for full adjustment to change.
Marginal Revenue
The additional income gained from selling one more unit of a product or service.
Monopolist's Demand Curve
The demand curve faced by a monopolist, which is the same as the market demand curve, indicating that the monopolist can set the price only by choosing the quantity to produce.
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