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Long-Run Equilibrium
A state in which all factors of production are fully adjusted to the economic conditions, leading to a situation where there is no tendency for change.
Purely Competitive Firm
refers to a company that operates in a market where there are many buyers and sellers, no barriers to entry, and the product is a commodity, leading the firm to be a price taker.
Monopolistic Competition
An economic model featuring a multitude of firms that market products which are alike but not the same, enabling a certain amount of market control and differentiation of products.
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