Examlex
According to Max Weber, the protestant work ethic had a strong role in the development of socialism.
Short-Run Profits
Profits earned during a brief period of time, not considering long-term investments or fixed costs.
Monopolistic Competition
A market structure where many companies sell products that are similar but not identical, allowing for significant competition.
Monopolistically Competitive
A market structure where many firms sell products that are similar but not identical, each having some market power.
Economic Profits
The extra amount businesses earn after subtracting all of their costs, including opportunity costs.
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