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Explain how the advent of medical technology has increased health care costs.
Long-run Equilibrium Prices
The price at which the quantity supplied equals the quantity demanded, stabilized over a longer period, factoring in all market adjustments and resource mobility.
Demand Leads
A situation where increases in demand for goods and services drive economic growth and expansion.
Decreasing-cost Industry
An industry in which the average cost of production decreases as the total volume of production in the industry increases.
LCD Televisions
A type of television using Liquid Crystal Display technology to produce images, known for its thin profile and energy efficiency.
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