Examlex
Why do you think it takes years to transform an EU Commission proposal into an EU law and then implement that law into national legislation?
Long Run
A period in economics where all factors of production and costs are variable, allowing full adjustment to changes.
Demand Curve
A diagram that illustrates the connection between a product's price and the amount of the product that buyers are prepared and capable of buying at different price levels.
Economic Profit
The difference between the total revenue earned by a business and the total costs (both explicit and implicit) of all resources used.
Excess Profit
Profit earned by a firm that exceeds the normal level of profit in its industry, often due to monopolistic power or a lack of competition.
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