Examlex
Briefly explain why economic communities are formed.
Competitive Rate
A pricing strategy often used by businesses to match or beat the prices offered by competitors in the market.
Short Run
A period in economics where at least one factor of production is fixed and cannot be altered.
Inputs
Resources such as labor, materials, and capital used in the production process to create goods or services.
Existing Firms
Companies or businesses that are currently in operation within a particular market or industry.
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