Examlex
A cartel is a group of suppliers who try to create greater competition among their industry.
Tangent
A straight line that touches a curve at a single point without crossing it at that point.
Long-run Equilibrium
A state in a market where all firms are making normal profits, with no incentives for entry or exit, and all factors of production are variable.
Demand Curve
A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers.
Long Run
A period of time in which all factors of production and costs are variable, allowing companies to adjust to market changes.
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