Examlex
Which of the following can help explain why prices might be "sticky"?
Competitive Market
A market structure characterized by a large number of buyers and sellers, free entry and exit, and a product that is similar across suppliers, leading to price determination by supply and demand.
Production Function
A mathematical schema that links the inputs utilized in creating goods or services to the outputs produced.
Supply Function
A mathematical relationship that expresses the quantity of a good or service supplied in relation to its price.
Long-Run Total Cost Function
An equation representing the total cost of production when all factors of production are variable and optimized for scale.
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