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The following figure shows equilibrium at the industry and firm level.Figure 10.6
In the figure,
S1, S2, S3 are the market supply curves.D1 and D2 are the market demand curves.MC is the marginal cost curve of the firm.MR1 and MR2 are the marginal revenue curves of the firm.ATC is the average-total-cost curve of the firm.
-Under the long-run equilibrium, for perfectly competitive markets without any government intervention,:
Strict Product Liability
A legal doctrine that makes manufacturers, distributors, or retailers liable for damages caused by defective products, regardless of fault or negligence.
Reasonably Foreseeable
Refers to events or outcomes that can be predicted or expected by a person with regular intelligence and foresight.
Injured Party
A person or entity that has suffered harm or damage due to the actions or negligence of another, and may be entitled to compensation or remedy under the law.
State Tort Law
The body of law at the state level in the United States that governs civil wrongs and damages, outside of contractual obligations, allowing victims to seek compensation.
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