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How is the market clearing price established in a perfectly competitive industry?
Recessions
Times of short-term economic downturn characterized by a decrease in commerce and industrial operations, usually recognized by a decrease in Gross Domestic Product (GDP) for two consecutive quarters.
Depressions
Extended periods of significant decline in economic activity across an economy, characterized by high unemployment, low consumer spending, and reduced industrial output.
Self Regulating
A system or market that is able to adjust and correct itself without external intervention.
Keynes
John Maynard Keynes, a British economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments.
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