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Distinguish between scarcity and shortage.
Decreasing-cost Industry
An industry where average costs of production decrease as the scale of output increases.
Long-run Equilibrium Price
The price at which the quantity of a good demanded equals the quantity supplied, with all adjustments made for factors affecting supply or demand over time.
Product Demand
The desire and willingness of consumers to purchase a particular product at various prices during a certain period.
Purely Competitive Firm
A business functioning in an environment with numerous purchasers and vendors, where no single entity has the power to notably affect the prices in the market.
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