Examlex
What is the mass percent , %(m/m) , of an aqueous solution prepared by dissolving 12.5 g of KNO3 in 125 g of water?
Price Taker
A price taker is a market participant that does not have the ability to dictate the price of a good or service but must accept the market price as given.
Perfectly Elastic
Describes a market situation where demand or supply is completely responsive to changes in price, resulting in infinite sensitivity.
Demand Curve
A diagram illustrating the link between the cost of an item and the desired quantity by buyers.
Purely Competitive Firm
A company operating in a market where there are many buyers and sellers, the products are homogenous, and there is free entry and exit in the market.
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