Examlex
The meaning of the metric prefix milli- is 1000.
Competitive Market
A market structure characterized by many buyers and sellers, where no single entity has the power to influence market prices.
Profit
Profit is the financial benefit realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes involved in maintaining the activity.
Short-Run Equilibrium
A situation in a market where demand equals supply, resulting in a stable price level, but which may not reflect long-term market dynamics.
Competitive Price-Taker
A rephrased scenario where businesses in competitive markets accept the prevailing market price as given because they have no power to influence it.
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