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In order to spread awareness about its ride-sharing service,Uber ran a social media ad campaign with a slogan meant to reach out to both riders and drivers: "What's your destination? Get there.The day belongs to you." The ad suggests that people driving cars could have more flexibility in their work schedules,while people ordering rides could have faster rides and more personal,helpful drivers.The ad is _____ because it offers a service that consumers may not have known existed.
Long-run Equilibrium
A state in which all factors of production and inputs in a market are fully adjusted to the market conditions, allowing for steady-state operation without excess supply or demand.
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.
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