Examlex
A private good is ________ and ________.
Profit-Maximizing
A method or strategy that firms use to achieve the highest possible profit from their operations.
Economic Profit
The variance between a company's overall income and its opportunity expenses, covering both direct and indirect costs.
Perfectly Competitive
A market structure where many firms offer goods or services that are similar, allowing for free entry and exit of firms.
Short Run
A period in economics during which at least one input is fixed and cannot be adjusted by a firm.
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