Examlex
When Friedrich Nietzsche wrote, "Live your life as a work of art," what did he mean?
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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