Figure 24-3 
-Refer to Figure 24-3. Which of the points in the above graph are possible short-run equilibria but not long-run equilibria? Assume that Y1 represents potential GDP.
Definitions:
Patent
A legal right granted to an inventor, giving them exclusive rights to manufacture, use, or sell their invention for a certain period of time.
Marginal Cost
The change in total cost that arises when the quantity produced increases by one unit.
Industry Output
The total quantity of goods or services produced by all firms within a particular industry.
Zero Marginal Cost
The scenario in which producing one more unit of a good or service does not increase the total cost of production, typically seen in digital goods or highly automated processes.
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