Examlex
Talk of justice and injustice typically focuses on four related moral ideas.Explain what two of them are.
Perfectly Competitive Market
A market structure characterized by numerous small firms, identical products, and easy entry and exit, leading to a situation where no single firm can influence market prices.
Average Total Cost
The total cost of production divided by the quantity of output produced; encompasses both fixed and variable costs.
Long-run Equilibrium
A state where all the factors of production in an economy are being used in the most efficient way, leading to a situation where there is no tendency for change.
Perfectly Competitive Market
An economic model marked by a multitude of buyers and sellers, with no barriers to entering or leaving, and identical products.
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