Examlex
The three main elements in the traditional model of science include theory,operationalization,and:
Long-run Equilibrium
A state in which all factors of production and costs are variable, and firms are making neither excess profits nor losses.
Short-run Equilibrium
Short-run Equilibrium occurs in a market when the quantity supplied equals the quantity demanded at a specific price level, without considering changes in the long run.
Market Participants
Individuals or entities engaging in the buying, selling, or exchange of goods and services in a market.
Standardized
Established to have uniform procedures, dimensions, materials, or tests, to ensure consistency and comparability across different entities or products.
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