Examlex
What does "valid selection technique" mean in the context of job selection?
Purely Competitive Firm
A firm that operates in a market where there are many buyers and sellers, all producing homogeneous products, leading to no single firm being able to influence market price.
Total Cost
The sum of all expenses, both fixed and variable, incurred in producing goods or services.
Purely Competitive Industry
An industry characterized by many sellers offering identical products, where no single seller can influence the market price.
Long-run Equilibrium
A state in which all inputs and outputs in an economy are optimally allocated, and all firms make zero economic profit, reflecting no incentives for market entry or exit.
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