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What reforms did the papacy undertake in the eleventh century?
Perfect Competitor
A theoretical market structure where many firms sell an identical product, entry and exit are easy, and no single firm can influence the market price.
Economic Loss
A loss in financial terms representing the difference between the market value and the cost of production.
Perfect Competitor
A market participant that cannot influence the market price and must take it as given because the market is perfectly competitive.
Short Run
A period in economic theory during which at least one input, such as plant size or the number of firms in the industry, is fixed and cannot be changed.
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