Examlex
Briefly discuss income trusts.
Perfect Competitor
A theoretical market structure where numerous small firms compete against each other and goods are perfect substitutes, leading to the inability of firms to influence prices.
Imperfect Competitor
A firm or entity that has the ability to influence the price of the goods or services it sells, due to the lack of perfect competition in the market.
Wage Rate
The fixed amount of compensation or payment given to an employee by an employer in exchange for work performed, typically expressed on an hourly, daily, or piecework basis.
Workers
Individuals engaged in any form of employment or activity to earn income through the provision of labor or services.
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