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Take a Loss
To realize a financial loss on an investment or transaction, often as a result of selling assets for less than their purchase price.
Short Run
A period in economics during which at least one input (e.g., factory size) is fixed and cannot be changed.
Long Run
A period of time in economics during which all factors of production and outputs are variable, allowing for full adjustment to changes.
Perfect Competitor
A theoretical concept in which a market structure has many small sellers, all producing homogeneous products with no control over market price.
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