Examlex
Which one of the following statements is NOT correct?
Long-Run Equilibrium
A state in which all firms in a market or industry are making normal profits, and there is no incentive for existing firms to exit the market or for new firms to enter.
Marginal Cost
The expenditure associated with creating one more unit of a good or service.
Total Revenue
The complete amount of money received by a company for goods sold or services provided during a specific period.
Increasing-Cost Industry
An industry where the costs of production increase as output increases, often due to factors like resource depletion or higher input prices.
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