Examlex
A manager who discriminates against any ethnic minority in hiring exhibits behaviour that is
Long-Run Equilibrium
A situation in which all firms in a market are making zero economic profit, leading to a stable market condition where no new firms enter or exit.
Consumer Preference
The subjective tastes and preferences of consumers, which determine the demand for different goods and services.
Efficiency
The extent to which resources are used optimally to achieve the desired outcomes with minimum waste.
Partial Equilibrium
An analysis focusing on the equilibrium in a single market without considering its effects on or from other markets.
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