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Long-Run Demand Curve
A graphical representation showing the relationship between the quantity demanded of a good and its price over a long time period, considering adjustments in factors other than price.
Monopolistic Competitor
Refers to a market structure where many firms sell products that are similar but not identical, each having some control over its price due to product differentiation.
Excess Capacity
The situation in which a company can produce more goods or services than currently demanded, often leading to inefficiency.
Marginal Revenues
Marginal Revenues represent the additional income that a firm receives from selling one more unit of a good or service.
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