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In a Competitive Industry, When Long-Run Equilibrium Occurs, What Happens

question 101

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In a competitive industry, when long-run equilibrium occurs, what happens to profit and price?


Definitions:

Affective

Relating to moods, feelings, and attitudes; usually describes aspects of emotion or emotional responses.

Physical Exhaustion

A state of extreme physical fatigue resulting from excessive workload, stress, or lack of rest, often leading to reduced performance and health issues.

Emotional Exhaustion

A state of feeling emotionally drained or depleted as a result of accumulated stress from personal or work life.

Burnout

A state of physical, emotional, and mental exhaustion caused by prolonged and intense stress.

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