Examlex
Research in organizational behavior is based on scientific thinking, which means the proposed explanations are carefully tested and the explanations that can be scientifically verified are the only ones that are accepted.
Economic Profit
An economic profit occurs when the revenue generated from a business activity exceeds both the explicit and implicit costs associated with that activity.
Monopolistically Competitive
In a monopolistically competitive market, many firms sell products that are similar but not identical, allowing for competition based on quality, price, and branding.
Long-Run Equilibrium
A state in economics where all factors of production are fully adjusted to market conditions, leading to a steady state where no incentives exist for further adjustment.
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