-In the above figure, if output is 30 units, then the total deadweight loss is
Definitions:
Long Run
A period in which all factors of production and costs are variable and companies can enter or exit an industry.
Demand
The quantity of a product or service that consumers are willing and able to purchase at various price levels at a given time.
Substitutes
Goods or services that can be used in place of each other; when the price of one goes up, the demand for the other can increase.
Elastic Demands
A market situation where the quantity demanded of a good or service significantly changes in response to a change in price.
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