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Long-run Equilibrium
A state in which all factors of production and costs are variable, allowing firms in a perfectly competitive market to make zero economic profit, balancing supply and demand.
Maximum Profits
The highest possible financial gain that a business can achieve in a given period, optimizing revenue while minimizing costs.
Long-run Equilibrium
A state in which supply equals demand and all factors of production and markets are in balance, typically considered in the context of perfect competition.
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