Examlex
Indicate whether each of the following statements is
Long Run
A period during which all factors of production and costs are variable, allowing firms to adjust to desired levels.
Gas Station
A retail establishment that sells fuel and often other goods or services to motor vehicle customers.
Long-Run Equilibrium
A state in which all firms in an industry are making normal profit and there is no incentive for market entry or exit.
Profit-Maximizing Price
The price point at which a business can sell its product or service to generate the maximum net profit.
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