Examlex
Interpretation of components or factors involves much subjective decision making on the part of the researcher.
Short Run
A time period in economics during which at least one factor of production is fixed, limiting the ability of the business to adjust to market changes fully.
Monopolistically Competitive Firm
A type of firm in a market structure where many companies sell products that are similar but not identical, and each has some control over its price.
Monopolistic Competition
A market structure characterized by the presence of several firms that sell similar, but slightly differentiated, products and services where each has some control over its prices.
Zero Economic Profits
A situation in perfectly competitive markets where firms earn just enough revenue to cover their total operating costs, leaving no supernormal profit.