Examlex
The labor supply curve facing a purely competitive firm is perfectly inelastic.
Competition And Adaptation
Competition And Adaptation refer to the process by which businesses or organisms respond to their competitive environment by making adjustments or innovations.
Marginal Land
Land of little agricultural value because inputs of labor and capital produce relatively low outputs of crops or livestock.
Joseph Schumpeter
An economist known for his theories on business cycles and innovation as the driving force behind capitalism.
Frank Knight
An influential economist known for his work on risk, uncertainty, and profit, contributing significantly to the field of economics.
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