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Market Price
The present cost at which a service or asset is available for purchase or sale.
Perfect Competitor
A theoretical market structure where many buyers and sellers exchange identical products, and no single entity can influence the market price.
Long Run
A period in economics during which all factors of production and costs are variable, allowing for the full adjustment to changes.
Long Run
A period of time in economics during which all factors of production and costs are variable, allowing for full adjustment to changes.
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