Examlex
Formalized structures are those in which there are few written rules and regulations.
Economic Profit
The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, reflecting the total financial gain.
Perfectly Competitive Industry
A market structure characterized by many buyers and sellers, free entry and exit, homogeneous products, and perfect information, leading to price takers on both the supply and demand sides.
Demand Curve
A graph showing the relationship between the price of a good or service and the quantity demanded for it at various prices.
Perfectly Elastic
A state of demand or supply in which the quantity demanded or supplied changes infinitely with any change in price.
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