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The Long-Run Industry Supply Curve Is Made Up of the Zero-Profit

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True/False

The long-run industry supply curve is made up of the zero-profit equilibrium levels of output as the industry expands due to entry of new firms.


Definitions:

Behavioural Reaction

The observable response or action of an individual or group in response to external or internal stimuli.

Defence Mechanisms

Psychological strategies employed by individuals to cope with reality and maintain self-image.

Anxiety Reduction

Strategies or techniques implemented to decrease levels of stress and anxiety.

Displacement

The process of being removed or replaced from a position or location, often due to external factors or decisions.

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