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A practice theory allows people to:
Market Supply
The total amount of a product that sellers are willing and able to sell across all relevant price levels within a given market.
Long Run
A period in which all factors of production and costs are variable, allowing firms to adjust fully to market changes.
Long-run Equilibrium
The condition in which, considering full adjustments in the market, the quantity supplied equals the quantity demanded at the prevailing market price.
Perfectly Competitive
A market structure characterized by many small firms, identical products, free entry and exit, and full information, leading to firms being price takers.
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