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Purely Competitive
A market structure characterized by many buyers and sellers, where each seller has little to no influence on the market price.
Long-run Equilibrium
A state in which economic forces such as supply and demand are balanced, and all inputs and outputs in the economy are fully adjusted to these conditions over a long period.
Pure Competition
A theoretical market structure with a large number of sellers and buyers, identical products, and no barriers to market entry or exit, promoting efficient pricing.
Minimum
The lowest allowable or possible amount, level, or number in a given set of circumstances.
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