Examlex
Which one of the following is included in the firm's societal environment?
Price
The amount of money required to purchase a good or service, determined by factors such as supply and demand.
Market Price
Market price is the current price at which a good or service can be bought or sold in a competitive marketplace.
Profit
The financial gain obtained when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.
Short Run
A period in which at least one factor of production is fixed, constraining the ability of a firm to adjust its output levels.
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