Examlex
Standardized tests designed to predict how well you will do in college are most appropriately called
Price-taker Industry
An industry in which individual firms have no control over the price of their product; they "take" the market price as given.
Long-run Equilibrium
A state in which all factors of production and costs are variable, and firms no longer have any incentives to enter or exit the market, resulting in an optimal allocation of resources.
Marginal Cost
The increase in cost resulting from the production of one additional unit of a good or service.
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