Examlex
Discuss the idea that ethics may change over time. Give an example of an ethical value that may be changing in the culture in which you presently live; explain.
Short Run
A period in economics during which some factors, like capital, are fixed and cannot be changed, emphasizing immediate effects.
Price-Taker
A price-taker is a market participant that cannot influence the price of a good or service and must accept the prevailing market price.
Price-Maker
An entity, such as a firm, that has the ability to influence the price of goods or services it sells, typically due to lack of competition.
Perfect Competitor
A theoretical market structure where many firms sell identical products, with no single seller able to influence market prices, ensuring maximum efficiency.
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