Examlex
The explosive population growth and competition for gold brought cooperation among California's many racial and ethnic groups as they worked together for wealth.
Economic Profits
The difference between a firm's total revenues and its total opportunity costs.
Barriers to Entry
Economic, procedural, regulatory, or technological factors that obstruct or limit the possibility of new competitors entering an industry.
Long-Run Equilibrium
A state in which all factors of production and costs are variable, allowing firms to make adjustments and the market to stabilize at a point where supply equals demand.
Competitive Market
A market structure characterized by many buyers and sellers, free entry and exit, and products that are close substitutes, leading to price competition.
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