Examlex
Name the device patented by Thomas Edison that captured photographic images.
Long-run Equilibrium Price
The price level at which the quantity supplied equals the quantity demanded, achieved over a period where all inputs can be varied by producers.
Increase in Demand
A situation where there is a rise in consumers' desire to purchase goods or services, leading to higher quantity demanded at every price level.
Constant Costs
Occur when the cost of producing an additional unit of a good does not change as the scale of production increases or decreases.
Inferior Good
A type of good for which demand decreases as the consumer's income rises, reversing the typical behavior observed with normal goods.
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