Examlex
The Prison Litigation Reform Act:
Demand
The measure of a commodity or service consumers intend and are able to acquire at multiple price levels during a set time span.
Economic Profits
Profits exceeding the opportunity costs of all resources employed, including both explicit and implicit costs, signifying above-normal returns.
Long Run
An economic term referring to a period in which all factors of production and costs are variable, allowing for full adjustment to changes in the market.
Price-taking
A market condition in which individual buyers or sellers have no influence over the market price of a product, commonly seen in perfectly competitive markets.
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