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A perfectly competitive market is in short-run equilibrium with price below average total cost.Which one of the following is not a prediction of the long-run consequences of such a situation?
Weekly World News
A largely fictional news tabloid known for its outlandish cover stories, often involving supernatural or bizarre events.
Local Grocery Store
A retail store that primarily sells food, including fresh produce, meats, dairy, and other groceries, catering to the local community's needs.
Price Elasticity
A measure of how the quantity demanded of a good responds to a change in the price of that good.
Profit-maximizing Price
The price level at which a firm can maximize its profit, calculated where marginal cost equals marginal revenue.
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