Examlex
The ________ Law of Thermodynamics states the entropy of a perfect crystal at absolute zero is zero.
Price Competition
A market situation in which companies attempt to win customers by offering lower prices than their competitors.
Waste of Resources
The inefficient use of materials, labor, energy, or capital that does not maximise potential utility or value.
Monopolistically Competitive
In a monopolistically competitive market, many firms sell products that are similar but not identical, allowing for product differentiation and some degree of market power over prices.
Short Run
A period in economic analysis in which at least one input is fixed while others are variable.
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