Examlex
In economics, what is the difference between the short run and the long run?
Output
The quantity of products or services produced and provided by an entity, reflecting its productivity levels.
Competitive Market
A market structure marked by a high level of competition among businesses, where no single entity has the power to influence market prices significantly.
Government-operated Firms
Businesses owned and managed by a government in order to provide goods or services to the public.
Economic Efficiency
An arrangement whereby resources are utilized in the most efficient way to increase the output of goods and services at the minimum possible cost.
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