Examlex
Explain how evolution by natural selection occurs.
Marginal Cost
The cost addition of manufacturing an extra item of a particular product, emphasizing its role in decision-making for production levels.
Purely Competitive
A market structure characterized by many buyers and sellers, where each seller has little to no influence on the market price.
Long-run Equilibrium
A state in which economic forces such as supply and demand are balanced, and all inputs and outputs in the economy are fully adjusted to these conditions over a long period.
Pure Competition
A theoretical market structure with a large number of sellers and buyers, identical products, and no barriers to market entry or exit, promoting efficient pricing.
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