Examlex
The text discusses five different testing approaches.Briefly describe the objectives of each of them.
Maximum Earning
The highest possible income or profit that an entity or individual can achieve under given conditions.
Contestable Market
A market in which the costs of entry and exit are low, so a firm risks little by entering. Efficient production and zero economic profits should prevail in a contestable market.
Economic Profits
Profits earned by a firm after accounting for both its explicit and implicit costs, including opportunity costs.
Property Rights
The legal rights to use, control, and derive benefits from a resource, good, or property.
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