Examlex
The volatility of demand on a service delivery system is much higher than that on a manufacturing production.
Long-Run Equilibrium
A state in which all factors of production and economic variables are in balance, with no external pressures forcing change.
Demand Decreases
A situation where the quantity of a product or service that consumers are willing to buy at a given price drops, often due to changes in preferences, income, or substitutes.
Industry Exit
The process or act of businesses leaving a particular market or industry, often due to unfavorable conditions or better opportunities elsewhere.
Long-Run Equilibrium
A state in a market where all factors of production are fully utilized, leading to a situation where supply equals demand, with no external pressures to change.
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