Examlex
Calculate the pH of a 0.051 M solution of sodium lactate. The Ka for lactic acid is 1.4 × 10-4.
Long Run
The long run is a period in which all factors of production and costs are variable, allowing for complete adjustment to changes.
Short Run
A period of time during which at least one of a firm's inputs is fixed, limiting its ability to adjust to changes in market demand or supply.
Many Firms
A situation in a market where numerous firms compete against each other to sell their products or services.
Perfect Competition
A market structure characterized by a large number of buyers and sellers, homogeneous products, and easy entry and exit, leading to price-taking behavior.
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