Examlex
Heuristics are the short-cuts that individuals use to save time when making complex decisions.
Purely Competitive Market
A market structure characterized by a large number of small firms, a homogeneous product, free entry and exit, and perfect information, leading to firms being price takers.
Short Run
A time period in which at least one factor of production is fixed, limiting the ability of a firm to adjust its output.
Automatic Market Adjustments
The self-regulating nature of the marketplace that responds to supply and demand changes to reach equilibrium without outside intervention.
Long-run Equilibrium
A state in which, given enough time for all adjustments to be made, there is no incentive for firms to enter or exit an industry, and prices stabilize.
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