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What Is Meant by Long-Run Competitive Equilibrium

question 46

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What is meant by long-run competitive equilibrium?


Definitions:

Fatigue

A state of tiredness or exhaustion resulting from physical or mental exertion, which can diminish capacity for work and efficiency.

Palpitations

The feeling that one's heart is beating too hard or too fast, skipping a beat, or fluttering.

Cholesterol

A lipid molecule synthesized in the liver or ingested from diet, essential for all animal life, but high levels are linked to cardiovascular diseases.

Waxy Substance

A general term for materials that are solid at room temperature and have a slippery or glossy texture; in biological contexts, it might refer to substances like cholesterol.

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