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What are some of the effects of the narcotics that would lead some members of the society to try and user them? On the other hand,what are some of their effects that would repel potential users from trying them? Given their frequency of use relative to some of the other drugs we've looked at (such as marijuana,amphetamines,cocaine,and LSD),which of these two forces is most influential or dominant?
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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