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Suppose that there are 1,000 firms in a perfectly competitive industry, each with a short-run total cost curve given by TC = 800 + 8Q + 0.1Q2 and marginal cost curve given by MC = 8 + 0.2Q. Assuming no other factors change, in the long-run we expect this industry to ____.
Ethnicity
A category of people who identify with each other based on shared cultural, linguistic, or ancestral traits.
Cultural Group
A collection of individuals who share common cultural traits, such as language, customs, and traditions, distinguishing them from other groups.
Shared Traditions
Practices or beliefs passed down within a community or group that reinforce a collective identity.
Cultural Background
The background of a person or group defined by shared social practices, languages, customs, beliefs, and values.
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