Examlex
Horizontal communication refers to the flow of information
Perfectly Competitive
A market structure where many firms offer a homogeneous product, there are no barriers to entry or exit, and every company is a price taker.
Total Cost
The total expense of manufacturing, comprising both constant and fluctuating costs.
Market Price
The cost at which a product or service is made available in the market, dictated by the forces of supply and demand.
Economic Profit
The difference between total revenue and total costs, including both explicit and implicit costs, indicating the profit beyond the normal return on investment.
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