Examlex
Discuss routine messages and how a nonroutine issue should be responded to.
Maximum
The highest or greatest possible amount or degree of something.
Long-Run Equilibrium
A state in which all factors of production and inputs in a market are fully adjusted to any economic changes, showing no tendency for further adjustment.
Competitive Price-Searcher Market
A market in which the firms have a downward-sloping demand curve, and entry into and exit from the market are relatively easy.
Positive Economic Profit
Earnings that exceed both the explicit and implicit costs of a company, indicating a financial gain beyond the normal expectations of profit.
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