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Since 1980 the FCC has modified or eliminated many broadcast and cable rules.List five pre-1980 broadcast regulations in the areas of licensing, ownership, programming, advertising and technical rules, and then list their post-1980 change.
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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