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Industry Supply Curve
A graphical representation that shows the quantity of goods that producers are willing and able to sell at different price levels in a specific industry.
Variable Costs
Costs that vary directly with the level of production, such as materials and labor.
Long Run
A period of time in economics during which all factors of production and costs are variable.
Apple Orchard
An agricultural area dedicated to the cultivation of apple trees for the purpose of producing apples.
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