Examlex
The three repeating components of the learning cycle are
Long-run Equilibrium
A state in which economic forces such as supply and demand are balanced and in the context of production, firms are operating at an efficient scale.
Decreasing-cost Industry
An industry in which production costs fall as the industry expands, often due to economies of scale or technological improvements.
Long-run Equilibrium Prices
The price at which the quantity supplied equals the quantity demanded, stabilized over a longer period, factoring in all market adjustments and resource mobility.
Demand Leads
A situation where increases in demand for goods and services drive economic growth and expansion.
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