Examlex
In long-run equilibrium for a perfectly competitive industry, firms earn ________ economic profits and produce ________.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price level in a specified time period.
Elastic
describes a situation where the quantity demanded or supplied changes significantly in response to price changes.
Total Revenue
The entire amount of income generated by the sale of goods or services before any expenses are deducted.
Price Lowered
A reduction in the cost of goods or services.
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