Examlex
Since a monopolistically competitive firm has the same long-run profits as a perfectly competitive firm,both types of industries are efficient.
Long Run
A period in which all factors of production and costs are variable, enabling full adjustment to change.
Short Run
A period in which at least one input in the production process is fixed, and only some inputs can be adjusted by firms.
Decreasing Costs
A situation where the total cost of production decreases as the volume of production increases.
Inferior Good
A type of good for which demand decreases as the income of consumers increases, inversely related to normal goods.
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