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In today's new workplace, careers are being redefined in terms of
Purely Competitive Market
An economic structure where numerous small companies, a uniform product, unimpeded access and exit, and absolute knowledge prevail.
Industry Exit
The process by which a company ceases operations in a specific industry, typically due to financial losses, market competition, or changing industry conditions.
Long Run Adjustments
Changes or adaptations made by firms in response to long-term changes in market conditions, where all inputs and production capacities can be varied.
Constant-cost Industry
An industry where the costs of production, including inputs and technology, do not change as the total output of the industry changes.
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