Examlex
In the Translation area of the Research task pane, you can tap or click the From box arrow to display the list of languages. ____________________
Long-Run Profits
Earnings that a firm expects to generate over an extended period, taking into account all variable and fixed costs.
Excess Capacity
The situation where a firm produces less than its total output capacity, often due to lack of demand.
Monopolistically Competitive
A market structure where many firms sell products that are similar but not identical, allowing for some degree of market power and price setting.
Long-Run Equilibrium
A state in which all inputs can be adjusted by firms, market supply equals demand, and there is no incentive for economic actors to alter their behavior.
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