Examlex
If workers received a 5 percent wage increase and the rate of inflation was 3 percent, then their real wage:
Competitive Price-searcher Market
A market condition where firms have some power to set prices due to product differentiation, yet must actively seek out the best prices and competition exists.
Zero Economic Profits
A situation in which a firm's total revenues exactly equal its total costs, implying no excess return over the opportunity cost of resources.
Downward Sloping Demand
A graphical representation of the relationship between the price of a good or service and the quantity demanded, indicating that as price decreases, demand increases.
Price Searcher
A seller that sets the price of its product or service based on demand and supply conditions rather than following the market price.
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