Examlex
There is no trade-off between efficiency and equality.
Monopolistically Competitive
Describes a market structure in which many firms sell products that are similar but not identical, allowing for some degree of market power.
Long Run
A period in which all factors of production and costs are variable, allowing firms the flexibility to adjust all inputs.
Monopolistically Competitive
A market structure where many firms sell products that are similar, but not identical, allowing for significant price and product differentiation.
Normal Profits
The level of profit needed for a company to remain competitive in the market, covering its opportunity costs.
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