Examlex
The most basic form of power is force or military might.
Long Run
A period in economics where all factors of production and costs are variable, and firms can enter or exit the market.
Perfect Competitor
A theoretical market structure where numerous small firms produce identical products, allowing no single firm to affect the market price.
Long Run
In economics, this term describes a period in which all factors of production and costs are variable, allowing full adjustment to any change.
Total Profit
The financial gain made after subtracting all expenses from total revenue.
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