Examlex
Barbara left a skateboard on her front steps. Her neighbor tripped on the skateboard and was injured. The fact that Barbara didn't put away the skateboard is called
Perfectly Competitive
A market structure characterized by a large number of small firms, homogenous products, and free entry and exit, leading to the optimal distribution of resources.
Constant Returns
A condition in production where increasing the amount of inputs results in a proportional increase in outputs.
U-shaped
A graphical representation describing a situation or relationship that initially decreases, reaches a minimum point, and then increases.
Long-run Average Cost
The cost per unit of output when all factors of production, including capital, are variable and optimized for scale.
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