Examlex
The journal is also known as the book of original entry.
Inferior Good
A type of good for which demand decreases as the income of consumers increases, inversely related to normal goods.
Long-Run Equilibrium
A state in which all factors of production and costs are variable, and economic forces are balanced, leading to no net inclination to change.
Constant-Cost Industry
An industry in which the costs of production (including input prices) remain constant regardless of changes in the industry's output level.
Long-Run Equilibrium
A situation in which, after all adjustments have been made, all firms in a perfectly competitive market earn zero economic profit and no firm has an incentive to change its output.
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