Examlex
The ___________ of functional tactics allows functional managers to adjust to changing current conditions.
Incumbent Firms
Established companies that currently dominate a sector or industry.
New Firms
Newly established business entities that often bring innovation, competition, and dynamism to their respective markets.
Long-Run Equilibrium
A state in which all factors of production and prices adjust fully to economic changes, with all markets clearing and no external pressures affecting supply and demand.
Efficient Scale
The quantity of output that minimizes average total cost.
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