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Long-run Equilibrium
A state in which all factors of production are fully adjusted to the economic conditions, and all inputs and outputs are at their optimal levels without any external pressures.
Monopolistically Competitive
A market structure where many firms sell products that are similar but not identical, allowing for significant differentiation and competition.
Monopolistic Competition
A market structure characterized by many firms selling products that are substitutes but differentiated from each other (e.g., through branding), leading to non-price competition.
Value In Diversity
The benefits and increased performance derived from having a variety of different perspectives and backgrounds in a group or organization.
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