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Rebloocells
Perfect Competition
A market structure characterized by many sellers and buyers, homogeneous products, and free entry and exit, resulting in price takers.
Economic Profit
The difference between a business's total revenue and its total costs, including both explicit and implicit costs.
Long-Run Supply Curve
A graphical representation showing the relationship between price and quantity supplied over time, factoring in adjustments in factors of production.
Constant-Cost Industry
Industry whose long-run supply curve is horizontal.
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