A price that reflects the lowest possible average of the total cost of production with normal profit taken into consideration. It is the equilibrium price that is determined by the interaction of the demand and supply in a perfectly competitive market.
The power excercised by the individuals of a group on a person that forces him to conform to the group’s accepted norm.
Profits that are earned in a perfectly competitive market, one that is required to attract and retain suppliers. Abnormally high or low profits will cause an unstable equilibrium due to an imperfect market system. As such the price of a good will be really high or really low. A perfectly competitive market is in a state of longterm equilibrium and as such the market will neither experience a shrinkage nor an expansion. Normal profits are equal to the opportunity costs involved in the production or supply of normal goods.
It refers to an increase in revenue after accounting for costs, taxes and expenses that are a part and parcel of business.
The retirement that is taken when the pension plan is considered normally deemable.
Unintelligible matter iu a written agreement or will.
A market distribution that when graphed carries the shape of a bell.
A continuous journey between the source point and the destination.
the drawing of a cheque on a bank account that has not got the money to pay it.
a maternal or paternal inheritance; but, if he had offspring before the felony, such off- spring may succeed as to the inheritance of the father or mother by whom the felony was not committed.