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What is an oligopoly? Discuss the impact of interdependence in an oligopoly.
Industry Profits
The total earnings generated by companies within a specific industry, after all costs and expenses are deducted.
Increasing-cost Industry
An industry in which the costs of production increase as the industry output increases, often due to the inputs' prices rising as demand for them grows.
Long-run Supply Curve
A graphical representation showing the quantities of goods that a producer is willing and able to supply over a period when all costs are variable.
Elastic Supply Curve
A concept in economics describing a supply curve where the quantity supplied changes significantly in response to a change in price.
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