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Explain why the recommendation often heard in health clubs-"you must burn fat to lose fat"-is faulty.
Contestable Market
A market with free entry and exit, where a company's prices and outputs are constrained by the threat of competition from potential entrants.
Economic Profit
The offset between total financial inflow and all encompassing outgoings, covering both specified and unspecified expenses.
Entry And Exit
Refers to the capability of businesses to freely enter into or exit from markets based on regulatory, economic, and market conditions, impacting competition and market dynamics.
Competitive Price-searcher
A market condition where businesses set their prices based on the competition, constantly seeking to offer the best value to attract customers.
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