Examlex
According to Joel Feinberg,we can predict various interests of future generations.
Short-run
A period of time in which at least one input is fixed and cannot be changed, affecting the capacity to adjust production levels.
Long-run Equilibrium
A state in which all factors of production and inputs can be fully adjusted, and there are no fixed variables, resulting in market supply equalling market demand.
Marginal Cost
Marginal cost is the change in total production cost that comes from making or producing one additional unit of a good.
Perfectly Competitive
Refers to a market structure where there are many buyers and sellers, all producing homogenous products, with no single participant having the power to influence the market price.
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