Write the Word or Phrase That Best Completes Each Statement $y = \log _ { b } x$

question 1

Short Answer

Write the word or phrase that best completes each statement or answers the question.
Provide the missing information.
-The graph of $y = \log _ { b } x$ passes through the point $( 1,0 )$ and the line ـــــــــــــــ is a (horizontal/vertical) asymptote.

---

Definitions:

Perfectly Competitive Market

A market structure characterized by many buyers and sellers, where no single entity can influence the market price of a homogeneous product.

Total Quantity Supplied

The overall amount of a good or service that producers are willing to sell at a given price over a specific period.

Long-run Equilibrium

A state in which all the factors of production and market forces are balanced, allowing for consistent economic conditions over time.

Perfectly Competitive Market

A theoretical market structure characterized by an infinite number of small firms, identical products, and no barriers to entry or exit.