Examlex
What kind of strategy is one by which a firm maintains price parity with its competitors and profits from its benefit or cost advantage primarily through high price-cost margins,rather than through a higher market share?
Long Run
A period in which all factors of production and costs are variable, allowing for full adjustment to change.
Supply Curves
Graphical representations illustrating the relationship between the price of a good and the quantity of the good that producers are willing to supply.
Immediate Market Period
The shortest time frame in economic analysis, where the supply of goods is completely inelastic, meaning quantity cannot be changed in response to price changes.
Short Run
A period where at least one factor of production is fixed, typically seen in economics as a timeframe where businesses cannot adjust all inputs.
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