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If a competitive market operates perfectly,it relies on
Resource Prices
Resource prices are the costs associated with the inputs used in the production process, such as raw materials, labor, and capital.
Industry Expands
This phrase describes the process where the total output or the number of firms in a given industry increases due to factors such as innovation, increased demand, or favorable policies.
Long Run
A period in economic analysis where all factors of production are variable, allowing for complete industry adjustment.
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