Examlex
Values are broad beliefs about what is appropriate behaviour.
Long Run
A period in economics during which all factors of production and costs are variable, allowing for full adjustment to changes.
Perfectly Elastic
Describes a situation where the quantity demanded or supplied changes by an unlimited amount in response to any change in price.
Competitive Firm
A business that operates in a market with many buyers and sellers, where the company does not have the market power to set prices.
Demand Curve
A graphical representation showing the relationship between the price of a good or service and the quantity demanded by consumers, typically downward sloping.
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