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Why do futures have lower information costs and higher liquidity than forward contracts?
Joseph Schumpeter
Joseph Schumpeter was a 20th-century economist known for his theories on business cycles, innovation, and the concept of "creative destruction."
Alfred Marshall
A prominent British economist known for his significant contributions to the principles of microeconomics.
Purely Competitive Firm
A company that operates in a market where there are many buyers and sellers, each selling a homogeneous product with no single seller or buyer having the market power to influence prices.
Long-run Equilibrium
A state in which all economic forces such as supply and demand are balanced, and all firms are producing at a level where no new entrants will disrupt the market.
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