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Distinguish between private and public necessity.
Long-run Supply Curve
A graphical representation showing the relationship between the price of a good and the amount of the good that suppliers are willing to produce, taking into account adjustments in all factors of production.
Decreasing-cost Industry
An industry in which costs per unit decrease as the scale of operation increases, often due to economies of scale.
Downsloping
A characteristic of certain economic graphs, such as the demand curve, indicating that as price decreases, quantity demanded increases.
Purely Competitive Firm
A business that operates in a market where there are many buyers and sellers, and it has no control over the market price of its product.
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