Examlex
Reggie is a Green Party supporter. He goes out of his way to read articles about the achievements of the Green Party, but doesn't pay any attention to articles that are critical of the party and its candidates. Reggie is exhibiting:
Long-Run Equilibrium
Long-run equilibrium occurs in a market when all firms earn normal profits, and no new firms have an incentive to enter or exit, resulting in market stability over time.
Average Total Cost
The cost of producing each unit, calculated by dividing the overall production expenses by the quantity of units manufactured.
Normal Profit
The minimum level of profit needed for a company to remain competitive in the market, factoring in the cost of opportunity.
Long-Run Equilibrium
A state in which all factors of production and costs are variable, and firms in a competitive market make just enough profit to cover their costs.
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