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What is true of direct questions?
Constant-cost Industry
An industry where input prices do not change as industry output changes, resulting in a horizontal supply curve.
LRMC
Long-Run Marginal Cost, which is the additional cost of producing one more unit of output when all inputs, including capital, are variable.
LRAC
Long-Run Average Cost, a curve that shows the lowest possible average cost of production, allowing all factors of production to vary.
Long-run Elasticities
Measure of responsiveness of demand or supply to changes in price or income, considered over a period long enough for all adjustments to be made.
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