Examlex
SWOT analysis includes the strengths only for strategy formulation purposes.
Long Run
A period in which all factors of production and costs are variable, allowing firms to adjust fully to market changes.
Long-run Equilibrium
The condition in which, considering full adjustments in the market, the quantity supplied equals the quantity demanded at the prevailing market price.
Perfectly Competitive
A market structure characterized by many small firms, identical products, free entry and exit, and full information, leading to firms being price takers.
Marginal Cost
The additional cost incurred from making one more unit of a good or service.
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