Examlex
You have an interview for an internship that you really want. Discuss the ways in which you can display professionalism in this situation.
Purely Competitive
A purely competitive market is one with many sellers and buyers where no single entity has significant control over prices and where products are largely undifferentiated, leading to market equilibrium determined by supply and demand.
Total Profit
The total financial gain made by a business after subtracting all costs and expenses from total revenue.
Short Run
A time period in economics during which at least one input is fixed and cannot be changed by the firm, contrasting with the long run where all inputs are variable.
Average Variable Cost
The total variable cost divided by the quantity of output produced; it is the cost of producing an additional unit of a good or service.
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