Explain What Is Meant by the Term "Sustainable

question 18

Short Answer

Explain what is meant by the term "sustainable."

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Definitions:

Market Power

The ability of a firm or group of firms to control prices or output in a market, often leading to reduced competition.

Economic Profits

The difference between a firm's total revenue and its total costs, including both explicit and opportunity costs.

Monopolistically Competitive

Describes a market structure in which many firms sell products that are similar but not identical, allowing for some degree of market power.

Long Run

A period in which all factors of production and costs are variable, allowing firms the flexibility to adjust all inputs.