Examlex
By use of incident reports, nursing staff repeatedly report a physician for yelling at patients and their families. This action by the nurses may be grounds for the physician to claim that his good name is damaged or defamed.
Long-run
A period of time in economics during which all factors of production and costs are variable, allowing for full industry adjustment.
Long-run Equilibrium
A state in which all aspects of a market, including supply and demand, production costs, and economic resources, are balanced, allowing for consistent economic conditions over time.
Perfectly Competitive
A market structure characterized by many sellers and buyers, homogeneous products, free entry and exit, and perfect information, leading to an optimal distribution of resources.
Conditions
Various factors or circumstances that affect the operation of a market or the outcome of an economic model.
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