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Suppose You Can Fly from LA to New York and 15

question 34

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Suppose you can fly from LA to New York and 15 separate airlines provide the service. This market would be described by


Definitions:

Industry Size

The scale or magnitude of economic activity within a specific sector, measured by criteria such as number of firms, total employment, or total revenue.

Industry Supply Curve

A graphical representation showing the total quantity of a good that all producers in an industry are willing to supply at different prices.

Decline in Technology

A decline in technology refers to a period or situation where technological progression slows down, technologies become obsolete, or there is a decrease in the adoption of new technologies.

Economies of Scale

The cost advantages that enterprises obtain due to their scale of operation, resulting in a decreased cost per unit.

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