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Active practice involves
Industry
A distinct group of productive or service businesses that share similar characteristics, processes, or goods.
Perfect Competitor
A theoretical firm in a perfectly competitive market where no single buyer or seller has the market power to influence prices.
Long Run
The long run is a period in which all factors of production and costs are variable, allowing for complete adjustment to changes.
Short Run
A period of time during which at least one of a firm's inputs is fixed, limiting its ability to adjust to changes in market demand or supply.
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