Examlex
Explain how the original Constitution protected economic liberty.
Monopolistic Competitor
A firm operating in a market structure where many companies sell products that are similar but not identical, allowing for some degree of market power and price setting.
Excess Capacity
A situation in which a company can produce more goods or services than currently demanded, due to underused resources.
Economic Profit
Profit calculated by subtracting both explicit and implicit costs from total revenues, indicating the efficiency beyond the breakeven point.
Capital-Intensive
Describing industries or processes that require a high level of capital investment in machinery and equipment relative to labor.
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