Examlex
What is meant by the term "excess capacity" as it relates to monopolistically competitive firms?
Industry Entry
The process by which a new competitor or business enters into an industry, facing various barriers such as high startup costs, regulatory requirements, and competition.
Short Run
A period of time during which at least one of a firm's inputs is fixed and cannot be changed.
Normal Return
The minimum profit necessary to keep a company in business, equating to the opportunity cost of capital.
Own Capital
The funds or assets personally invested by the owners into a business, distinct from borrowed capital.
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