Examlex
What is a market-basket analysis?
Long Run
A period in which all factors of production and costs are variable, allowing firms to adjust all inputs as needed.
Perfectly Elastic
A demand situation where the quantity demanded changes infinitely in response to any change in price.
Equilibrium Quantity
The quantity of goods or services supplied and demanded at the equilibrium price, where demand and supply are equal.
Equilibrium Price
The price at which the quantity of a product offered is equal to the quantity of the product in demand.
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