Examlex
What principle aims to compensate for the bias of arbitrary contingencies in the direction of equality?
Purely Competitive
A market structure characterized by a large number of small firms, identical products, and free entry and exit from the market, leading to price-taking behavior.
Long Run
A period in which all factors of production and costs are variable, allowing complete adjustment to changes.
Accounting Profits
The financial gain calculated by subtracting total expenses from total revenues, according to standard accounting practices.
Long-Run Equilibrium
The state in which all factors of production and costs are variable, and firms earn normal profits in a competitive market.
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