Examlex
In anticipation of going outside, Tara's dog started to wag his tail at the sound of the leash being picked up. Now Tara's dog has also started to wag his tail at the sound of the closet door being opened, where the leash is stored. The dog wagging his tail in response to the closet door being opened BEST exemplifies:
Long-run Adjustments
Changes a firm or industry makes over a long period to adapt to changes in demand, technology, or other economic factors.
Allocative Efficiency
Occurs when resources are distributed in a way that maximizes the net benefit to society, with goods and services produced at the level where the last unit provides a benefit equal to its cost of production.
Purely Competitive Industry
An industry characterized by many sellers offering identical products where each seller is a price taker due to market forces.
Supply
The complete volume of a good or service offered for sale at a specified price range in a certain market area.
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