Examlex
Explain what agency is and how it relates to what other people do.
Perfectly Competitive Firm
A company that operates in a market where there are many buyers and sellers, none of which can influence the market price.
Long-Run Equilibrium
A state where all factors of production in an economy are fully adjusted to market conditions, leading to stable prices and full employment of resources.
Profit Maximization
The method a company uses to decide the price and production amount that yields the highest profit.
Economic Profits
The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, representing the excess earnings over the next best alternative.
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