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Describe the process of using minimally effective responses.
Long-Run Industry Supply Curve
The long-run industry supply curve shows how the quantity supplied by an industry varies with price once all adjustment has been made, including the entry and exit of firms.
Increasing-Cost Industry
An industry in which production costs rise as firms enter the market, often leading to higher prices for consumers.
Positive Profits
Financial gains achieved when the total revenues exceed the total costs of a business.
Long-Run
In economics, the Long-Run is a period during which all input factors of production and costs are variable, allowing for the adjustment of all possible variables.
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