Examlex
Fill in the correct labels for the following figure using the word bank below.
-D __________
Long Run
A period in which all inputs can be adjusted, allowing firms to change their production capacity and industries to enter or exit markets.
Perfect Competitor
A theoretical firm in a perfectly competitive market where it is a price taker, and there are no barriers to entry or exit.
Long Run
A time frame where all production elements and expenses can change, enabling companies to modify all resources.
Optimum Efficiency
The most favorable condition where resources are used in the best possible way to achieve maximum productivity and economic benefits.
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