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Define the following:computer-assisted telephone interviewing (CATI)
Competitive Price-searcher
A firm operating in a market where it must search for the optimal price that balances its desire for profits with the need to remain competitive.
Long-run Equilibrium
A state in which all firms in a market are making zero economic profit, leading to an optimal allocation of resources.
Competitive Price-searcher
A market participant who sets prices through active search and strategy, often in markets with some degree of product differentiation.
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