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How did the international monetary system influence macroeconomic policy-making and performance during the interwar period (1918-1939)?
Long-Run Equilibrium
a state in which all factors of production can be adjusted, and all firms in the market are making zero economic profits, reflecting a situation of perfect competition.
Marginal Cost
The change in total cost that arises when the quantity produced is incremented by one unit; essentially, the cost of producing one more unit of a good.
Product-Variety Externality
An economic effect where an individual's consumption choices can lead to an increase in the variety of products available, potentially benefiting other consumers.
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