Examlex
A condition characterized by a preference for looking at near objects, non-purposeful gazing, distinct color preferences, attraction to rapid movements, and abnormal visual reflexes is
New Firms
Newly established business entities that often bring innovation, competition, and dynamism to their respective markets.
Long-Run Equilibrium
A state in which all factors of production and prices adjust fully to economic changes, with all markets clearing and no external pressures affecting supply and demand.
Efficient Scale
The quantity of output that minimizes average total cost.
Perfectly Competitive
A market structure characterized by a large number of small firms, homogenous products, and free entry and exit.
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