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Long Run
A period in economics where all inputs, including capital and labor, can be adjusted.
Perfectly Competitive
A market structure characterized by a large number of small firms, identical products, and free entry and exit, leading to price taking behavior.
Monopolistically Competitive
Refers to a market configuration in which multiple companies offer products that are alike but not exactly the same, enabling considerable distinction and a limited amount of influence over the market.
Cost Curves
Graphical representations of how the costs of producing goods or services change with varying levels of output.
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