Examlex
The serous membrane covering the lungs is the visceral pleura.
Barriers to Entry
Barriers to entry are obstacles that make it difficult for new competitors to enter a market, including high initial costs, licensing requirements, and strong brand loyalty among consumers.
Competitive Price-searcher
A market structure where firms set their prices and output levels to compete for consumers in a market with many sellers and product differentiation.
Long-run Equilibrium
A state in which all aspects of the market, including supply, demand, and price, are stabilized over time, allowing for full adjustment to any economic changes.
MR = MC
This equation represents the profit-maximizing condition in economics where marginal revenue (MR) equals marginal cost (MC), often used to determine the optimal level of output.
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