Examlex
The strategy of giving managers assignments in a variety of departments in order to expose them to different functions is called apprenticeship training.
Long-Run Equilibrium
A state in which all factors of production and markets adjust fully to any changes, resulting in a stable economic environment without excess supply or demand.
Long-Run Equilibrium
A state in which all inputs and outputs in a market are fully adjusted and there is no tendency for change, often associated with perfect competition markets.
Marginal Revenue
The extra revenue obtained by selling an additional unit of a product or service.
Marginal Cost
The cost increase from producing a further unit of a product or service.
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