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What is the overall process for determining inverter size for a stand-alone PV system?
Unregulated Monopoly
A market structure in which a single supplier dominates the market without any government intervention or regulation.
Economically Efficient
A situation where resources are allocated in a way that maximizes the production of goods and services without wasting any resources.
Zero Economic Profits
A situation where a firm's total revenues exactly equal its total costs, indicating no supernormal profit but covering all operating expenses.
Long-Run Equilibrium
A state in which a market's supply and demand balance out over time, with all firms earning normal profit and no incentive for new firms to enter or existing ones to exit.
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