Examlex
What is the difference between a sill and a dike?
Short Run Supply Curve
A graph showing the relationship between the market price of a product and the quantity of it that a firm is willing to supply, assuming some inputs are fixed.
Free Entry And Exit
Conditions in a market where firms or producers can freely enter or leave the market without facing any legal, social, or economic barriers.
Perfectly Competitive Market
A market structure where many firms sell identical products, leading to price taking behaviour by all firms.
Short Run
A period of time in which at least one input, such as equipment or buildings, is fixed and cannot be changed.
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