Examlex
Explain why the economy's potential output is unlikely to return to its pre-GFC level without policy responses.
Market Output
The total quantity of a good or service produced and offered for sale in a market.
Long-Run Equilibrium
The state in which all inputs and outputs in a market have been adjusted so that there is no tendency for change in economic conditions.
Monopolistic Competitor
A firm in a market structure where many companies sell products that are similar but not identical, leading to some degree of market power and price control.
Monopolistic Competition
A market structure characterized by many firms selling products that are similar but not identical, allowing for some degree of market power and product differentiation.
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