Examlex
Name and describe the four types of capital described in the text and identify which are most directly influenced by training and development?
Long-run Equilibrium
A state in which, given enough time for all adjustments to be made, there is no incentive for firms to enter or exit an industry, and prices stabilize.
Marginal Revenue
The extra income a business earns by selling an additional unit of a product or service.
Marginal Cost
The elevated cost associated with manufacturing an additional unit of a product or service.
Competitive Firm
A company that operates in a market where it competes against other firms for market share and customers.
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