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Long-Run Supply Function
A representation of the relationship between the price of a good and the quantity supplied over a period where all factors of production are variable.
Long-Run Cost Function
An economic concept reflecting the total cost of production where all inputs can be fully adjusted to minimize costs.
Positive Output
The result of production processes or economic activities that yield a beneficial or productive outcome.
Production Function
An equation or formula that describes the relationship between inputs (like labor and capital) and the output of goods or services.
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