In , and

question 8

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In , and . Name the longest side of .

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Definitions:

Purely Competitive Market

A market structure characterized by many buyers and sellers, free entry and exit, and a homogeneous product, leading to price taking behavior.

Economic Profit

The difference between the total revenue generated by a business and its total costs, including both explicit and implicit costs.

Fixed Amounts

Specified quantities that do not change over a designated period of time or under particular conditions.

Total Product

The total quantity of output produced by a firm or economy during a given period.