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Identify/define and explain the significance of the following: salvo.
Long-run Supply Curve
A graphical representation showing the relationship between market price and the amount of goods supplied by producers, considering all factors of production can be varied.
Competitive Industry
An industry with many firms competing against each other, with no single firm dominating the market.
Relevant Resources
Resources that are directly applicable and valuable in achieving a specific goal or solving a particular problem.
Decreasing-cost Industry
An industry in which costs per unit decrease as the scale of production increases.
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