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Short-run Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity supplied over a short period, holding some inputs fixed.
Elastic
Describes a situation where the quantity demanded or supplied of a good or service is sensitive to changes in price.
Fixed Costs
Expenses that do not change with the level of production or sales, such as rent, salaries, and insurance premiums.
Price Taker
An entity that accepts market prices as given, without having influence to change the price by its own actions.
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