Examlex
Which one of the following best describes how talc deposits might form?
Long-Run Equilibrium
A state in which all factors of production and inputs can be adjusted by firms, leading to a situation where no firm has an incentive to change its output or production method.
LRAC Curve
Long-Run Average Cost Curve, a graphical representation showing the minimum cost at which any output level can be produced in the long run.
Exiting Firms
Businesses that are leaving a particular market due to various reasons such as unprofitability, strategic realignment, or market saturation.
Increasing-Cost Industry
An industry in which production costs increase as the industry's output expands.
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