FIGURE 4-3
-Refer to Figure 4-3,which shows a demand shift and the short-run and long-run supply curves for some product.In the new long-run equilibrium at EL,producers' revenue
Definitions:
Equilibrium Price
The price at which the quantity of goods supplied is equal to the quantity of goods demanded; the market price where no surplus or shortage exists.
Marginal Revenue
The additional income earned from selling one more unit of a good or service; it's a crucial concept for understanding how firms decide on output levels.
Purely Competitive Industry
An industry characterized by a large number of small firms producing identical products with no single firm able to influence the market price.
Purely Competitive Market
A market structure characterized by a large number of small firms, a homogeneous product, perfect information, and ease of entry and exit, leading to price-taking behavior.
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