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In a long-run equilibrium in a perfectly competitive market, the average firm earns positive economic profits.
Creates Shortage
A market condition where the quantity demanded exceeds the quantity supplied at a given price, often due to price controls like price ceilings.
Price Floor
A government-imposed minimum price level for a particular commodity or service, aimed at protecting producers.
Legal Minimum
A legally established lower threshold for payments or conditions, such as minimum wage.
Good Sold
Refers to a product that has been purchased by a buyer from a seller in a transaction.
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