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In a spontaneous process, the entropy of the system always increases.
Short-Run Supply
The quantity of goods and services that producers are willing and able to offer for sale at different prices over a short period, during which at least one input is fixed.
Long-Run Supply
The total quantity of goods or services that a market can produce and provide over a long period, considering all relevant input adjustments.
Lowest Price
The minimum cost at which a product or service is offered in the market.
Short Run
A period of time in economics during which at least one input, usually capital, is fixed and cannot be changed.
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