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Simon Peters is very conscious of his behavior as he greets prospective Japanese clients at a local Tokyo restaurant. Though he invites all of the guests to drink sake from lacquered trays, he abstains because of a severe stomach ulcer. He perceives his abstention to be permissible in Japanese society because drinking sake would be considered to be a cultural _____ for foreign guests.
Long-Run Equilibrium
A state in which all firms in a perfectly competitive market achieve economic equilibrium, where no firm has an incentive to change its output and all adjustments have been made.
Excess Capacity
A situation where a firm is producing less than the maximum possible output due to insufficient demand or other factors.
Monopolistic Competition
A market structure characterized by many firms offering products that are similar but not identical, leading to competition on factors other than price.
Industry Entry
The process of a new company or business beginning operations in a particular market or industry.
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