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What is the shape of the long-run supply curve in a decreasing-cost industry?
Price of Quinoa
The cost at which quinoa, a high-protein, gluten-free grain, is sold in the market.
Equilibrium Price
The price at which the quantity of goods suppliers are willing to sell equals the quantity consumers are willing to buy, also known as the market-clearing price.
Quantity Supplied
The quantity of a product or service that suppliers are ready and capable of offering for sale at a specific price point.
Quantity Demanded
The total number of units of a good or service that consumers are willing and able to purchase at a given price in a given time period.
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