Examlex
Toni and Tim have just gotten married. Which component of love is most likely to be stronger 20 years from now than it is today?
Long-run Equilibrium
A state in which all firms in a perfectly competitive market earn zero economic profits, with no incentives for new firms to enter or existing firms to exit.
Decrease in Demand
A situation where consumers' willingness and ability to purchase a product at all price levels declines, represented by a leftward shift of the demand curve.
Constant-cost Industry
An industry in which the input prices and production costs remain stable even as the industry output changes.
Economic Profits
The surplus remaining after total costs are subtracted from total revenue, taking into account both explicit and implicit costs.
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