Examlex
If a comet were located at the blue arrow along the comet's orbit in the picture above then the tails of the comet would point along the path of the orbit but ahead of the coma.
Market Price
The price at which a good or service can be bought or sold in a marketplace, determined by supply and demand.
Perfect Competition
A market structure characterized by a large number of small firms, a homogeneous product, free entry and exit, and perfect information.
Inelastic Demand
Demand that responds somewhat, but not a great deal, to changes in price. Inelastic demand always has a numerical value between zero and 1.
Zero Profits
A situation where a firm’s total revenues are exactly equal to its total costs, leading to no net profit or loss.
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