Examlex
Which of the following are advantages of PERT?
(I) It is visual.
(II) It is automatically updated.
(III) Activities that need to be watched closely can be identified.
Unimpeded Entry
A market condition where there are no barriers for new firms to enter and compete in the industry.
Purely Competitive Firm
A company that operates in a market where there are many buyers and sellers, none of which can influence market prices significantly.
Long Run
A period of time during which all factors of production and costs are variable, in contrast to the short run where some are fixed.
Market Supply
The total amount of a product or service that is available to consumers, determined by the sum of all individual suppliers' outputs in the market.
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