Examlex
The presence of a fever identifies a bacterial infectious process.
Short-Run Equilibrium
A condition in a market or economy where all forces are balanced, but only temporarily; prices and output may change until a long-run equilibrium is achieved.
Long-Run Equilibrium
A condition where an economy or market achieves a stable state after adjustments, where supply equals demand over an extended period.
Pure Competition
A market structure characterized by a large number of sellers and buyers, free entry and exit, and a product that is homogeneous across producers.
P = MC
An economic condition where price equals marginal cost, indicating optimal resource allocation in perfectly competitive markets.
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