Examlex
Whereas the gene encoding the small subunit of ribosomes was used to generate the tree of life, many genes are inappropriate choices for this type of analysis because these genes have been subject to horizontal gene transfer for billions of years.
Average Total Cost
The total cost of production divided by the number of units produced, including both fixed and variable costs.
Long-Run Equilibrium
A state in which all factors of production and outputs in an economy are fully adjusted so that economic inputs meet outputs in a sustainable way, leading to no excess demand or supply.
Monopolistic Competition
Monopolistic competition is a market structure characterized by many producers selling products that are similar but not identical, allowing for some degree of market power and product differentiation.
Economic Inefficiencies
Situations where resources are not used optimally according to consumer preferences, often leading to wasted resources or unmet demands.
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