Examlex
Which of the following is not one of the disadvantages of air carrier over other modes of transportation?
Long-run Equilibrium
A state in which all factors of production and costs are variable, allowing firms to make adjustments leading to the establishment of a market balance.
Perfectly Competitive Industry
An industry characterized by many buyers and sellers, where no single entity can influence the market price of the product.
Marginal Cost
The price of manufacturing an incremental unit of a product.
Perfectly Competitive Market
A market structure characterized by an infinite number of buyers and sellers, identical products, no barriers to entry or exit, and perfect information among all participants.
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