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Firm's Output
The total quantity of goods or services produced by a company within a specific time period.
Lowest Price
The minimum cost at which a good or service is offered in the market, representing the least amount a seller is willing to accept.
Long Run
refers to a period of time in which all factors of production and costs can be fully adjusted, including all forms of investment.
Short Run
A timeframe in economic terms where firms can adjust production levels only by changing variable inputs, with fixed inputs remaining constant.
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