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What do the Cardiovascular and Lymphatic Systems have in common?
Long-run Supply Curve
A curve that shows the relationship between the price of a good and the quantity supplied over a long period, taking into account all possible adjustments including entry and exit of firms.
Input Prices
The costs of raw materials and components required to produce a good or service.
Allocative Efficiency
Occurs when resources are distributed in a way that maximizes the net benefit to society.
Consumer Surplus
The difference between the maximum price a consumer is (or consumers are) willing to pay for an additional unit of a product and its market price; the triangular area below the demand curve and above the market price.
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