Examlex
Name four of William James's students and discuss how they influenced the development of psychology in the United States.
Perfect Competition
A market structure characterized by a large number of small firms, identical products sold by all firms, freedom of entry and exit, and perfect information about prices and products.
P = MC
The condition where the price of a good equals its marginal cost, representing an equilibrium in perfect competition markets.
Technological Progress
The advancement in technology which increases production efficiency and leads to economic growth.
Demand for Labor
The total amount of labor that employers want to hire at various wage rates.
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