Examlex
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Short-Run Equilibrium
The state in a market where supply equals demand within a limited time frame, before any long-term adjustments take place.
Long-Run Equilibrium
A state in which all factors of production and outputs are optimal, allowing for all economic agents to have no incentive to change their behavior.
MC
A term often short for Marginal Cost, which is the cost added by producing one additional unit of a product or service.
MR
Short for Marginal Revenue, which is the additional income earned by selling one more unit of a product or service.
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