Examlex
Dutching consists of treating crushed cocoa beans or chocolate liquor with a(n) _____ to adjust the color range from deep reddish brown to charcoal black.
Long Run
A period in which all factors of production and costs are variable, and companies can adjust all inputs to the production process.
Market Price
The actual selling price of a good or service in the marketplace, determined by supply and demand.
Price Takers
Market participants who accept prevailing prices because they have no power to influence the market price due to their small market share.
Perfect Competition
A market structure characterized by a large number of small firms, homogeneous products, free entry and exit, and perfect information, leading to firms being price takers.
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