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Briefly explain the independent variable and the dependent variable in an experiment.Describe the relationship between them.
Long-run Equilibrium
A state in economics where supply equals demand, and all markets clear, resulting in an efficient allocation of resources over time.
Price
The financial cost or valuation of a goods or service, expressed as the amount of currency needed to acquire it.
Monopolistically Competitive Industry
A market structure where many firms sell products that are similar but not identical, allowing for significant differentiation and non-price competition.
Perfectly Competitive Industry
An industry characterized by many small firms producing identical products where no single firm can influence the market price.
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