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Suppose that some firms in a perfectly competitive industry are earning positive economic profits.In the long run,the:
Demand Is Elastic
A condition where the quantity demanded of a good or service is sensitive to changes in its price, illustrating a greater than proportional response.
Total Revenue
The total amount of money generated by the sale of goods or services before any costs are subtracted.
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 given time period.
Total Revenue
The total amount of money generated by the sale of goods or services before any expenses are subtracted.
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Q211: (Figure: Long-Run Average Cost)Use Figure: Long-Run Average
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Q314: An oligopoly that engages in price discrimination