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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.
Downward-Sloping
Describes a line or curve on a graph that descends from left to right, indicating a negative relationship between two variables.
Purely Competitive
A market scenario where all participants sell indistinguishable goods, ensuring no one seller can influence prices, creating an ideal competition.
Market Supply Curve
A graphical representation showing the relationship between the price of a good and the total output of the good all producers are willing to supply.
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