Examlex
The two parts to systems analysis are determining requirements and structuring requirements.
Perfect Competitor
A theoretical market where no individual buyer or seller has the power to affect the price of goods, leading to an optimal allocation of resources.
Long Run
A period in economics sufficient for all markets to adjust, including prices, outputs, and wages, reflecting changes in economic conditions or policies.
Perfect Competitor
A theoretical market scenario where many firms sell identical products, where no single buyer or seller can influence the market price.
Long Run
A period in economics where all factors of production and costs are variable, and firms can enter or exit the market.
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