Examlex
What type of feather serves a bird's sense of touch?
Long-run Economic Profits
Profits that occur when a firm's total revenue exceeds its total costs, including both explicit and implicit costs, over the long term.
Threat Of New Entrants
The potential challenge posed by a new competitor entering an industry or market.
Contestable
Pertaining to a market situation where costs of entry and exit are low, allowing for potential competition to exist even if the market is held by a few companies.
Competitive Level
indicates the intensity of competition within a market, influencing firms' strategies and market outcomes.
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