Examlex
To make an offer, the offeror must appear to intend to create a binding obligation.
Long-run Equilibrium
A state in which all firms in a market are making zero economic profit, leading to an optimal allocation of resources.
Competitive Price-searcher
A market participant who sets prices through active search and strategy, often in markets with some degree of product differentiation.
Product Diversity
The variation of products and services offered in a market to meet different customer needs and preferences.
Firms Exit
This occurs when businesses cease operations and leave a market, typically due to factors like unprofitability, competitive pressures, or changing market conditions.
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