Examlex
Long-run economic growth is shown by moving from a point below the production possibilities frontier to a point on the production possibilities frontier.
Price Increases
A rise in the cost of goods or services, often measured by the rate of inflation.
Quantity Demanded
The total amount of a good that consumers are willing to purchase at a given price over a specified period.
Monopolistically Competitive Firm
A company that operates in a market with many competitors, each offering slightly differentiated products.
Product Differentiation
Making a product or service stand out to a particular target market by distinguishing it from competitors.
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