Examlex
Contract negotiations in Japan are characterized by all of the following except:
Allocative Efficiency
A state of resource allocation where goods and services are distributed according to consumer preferences, reflecting the highest possible welfare.
Economic Profits
Profits exceeding the opportunity costs of all resources employed, indicating above-normal returns.
Purely Competitive
Another term for perfectly competitive, describing a market with no single buyer or seller able to influence prices.
Demand Curves
Graphical representations of the relationship between the price of a good and the quantity demanded by consumers at various prices.
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