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Identify and define the three factors that shape personal bias.
Competitive Increasing-cost Industry
An industry where supply costs increase as output expands, often because resources become scarcer or harder to obtain as production grows.
Long-run Equilibrium
A state in which all firms in a perfectly competitive market earn zero economic profits, with no incentives for new firms to enter or existing firms to exit.
Decrease in Demand
A situation where consumers' willingness and ability to purchase a product at all price levels declines, represented by a leftward shift of the demand curve.
Constant-cost Industry
An industry in which the input prices and production costs remain stable even as the industry output changes.
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