-In the above figure, assuming Firm 1 and Firm 2 are the sole producers in the industry, the industry quantity supplied at price P2 is equal to
Definitions:
Losses
The negative financial result from business activities when costs exceed revenues.
Demand
The total quantity of a good or service that consumers are willing and able to purchase at various prices during a specified period.
Supply
The total amount of a product or service that is available to consumers.
Rents
Payments made for the use of property or land; in economics, it also refers to earnings in excess of the minimum amount needed to keep a factor of production in its current use.
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