Use the figure below to answer the following questions.
Figure 26.3.1
-Refer to Figure 26.3.1. As Econoworld automatically adjusts to long-run equilibrium, the
Definitions:
Competitive Market
A market structure characterized by a large number of buyers and sellers, free entry and exit, and a product for which each seller offers an identical product.
Deadweight Loss
A loss in economic efficiency that occurs when equilibrium for a good or service is not achieved or is not achievable.
Price Floor
A government-imposed limit on how low a price can be charged for a product, service, or commodity.
Competitive Price
A pricing strategy where the price of a product or service is set based on the prices of competing products or services in the market.
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