Examlex
How many members of the House of Representatives are up for election every two years?
Long Run
In economics, a period of time in which all factors of production and costs are variable and can be adjusted.
New Entrants
Businesses or individuals that recently entered a market or industry, bringing new competition and potentially disrupting existing dynamics.
Economic Profits
The financial gain obtained after subtracting both explicit and implicit costs from total revenues.
Perfectly Competitive Industry
An industry in which no single producer can influence the market price of the product because the conditions of perfect competition are met.
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