Glossary

economic profit	Any profit above normal profit.



long run	The period of time where a firm can change things like plant and equipment.



monopolistic competition	A situation in a market where there are many firms producing similar but not identical goods.



normal profit	The level of profit that business owners could get in their next best alternative investment.



oligopolistic market	A situation in a market where there are very few discernable competitors.



short run	The period of time where a firm cannot change things like plant and equipment.

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