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Use the fact situation in Q6 to answer the related question that follows. If title to both farms was registered in the land titles system,
Long Run
An interval in which every aspect of production and costs can vary, enabling modifications to all contributions.
Supply
The whole sum of a service or product that is up for sale at a certain price tier in a specific marketplace.
Decreasing-Cost Industry
An industry where the average cost of production decreases as the industry's output increases, often due to economies of scale.
Long-Run Supply Curve
A graphical representation showing the relationship between the market price of a good and the quantity of it that producers are willing to supply when all production inputs are variable.
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