Examlex
A person who is chosen to make laws on behalf of a defined group of people is called a
Long-run Equilibrium
A state in an economy or market where all factors, including prices, supply, and demand, are fully adjusted and stable over time.
Perfectly Competitive
A theoretical market structure characterized by an infinite number of buyers and sellers, identical products, and no barriers to entry or exit.
Price Equals
A statement used to define a condition where the price of a good or service is set or found.
Efficient Markets
A theory that suggests that financial markets fully reflect all available information at any given time, making it impossible to consistently achieve higher returns.
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