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The Federal Communications Commission
Perfectly Competitive
A market structure characterized by a large number of small firms, homogeneous products, and no barriers to entry or exit.
Price
The capital needed to purchase a particular good or service.
Long-run Equilibrium
A state in which market supply and demand balance over time, leading to stable prices and full utilization of resources.
Average Total Cost
The total cost of production divided by the quantity of output produced.
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