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If Industry A can substitute capital for labor easily and Industry B cannot,then (other things equal)
Long-run Profit
The amount of financial gain achieved over a longer period, taking into account all fixed and variable costs.
Market Demand Curve
Curve relating the quantity of a good that all consumers in a market will buy to its price.
Demand Curve
A graphical representation showing the relationship between the price of a good and the quantity of the good that consumers are willing to purchase at various prices.
Incumbent Firm
An established company that holds a dominant position in a particular market or industry.
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